A local pizza shop owner decides to hire an economic consultant to help him set his prices. Currently, one slice of pizza costs $2 and the store sells about 800 slices per week. The pizza shop's current revenue from sales is equal to $ The economic consultant estimates that the price elasticity of demand is equal to -0.25, and suggests that the shop owner should increase the price of a slice of pizza by $0.50; that is, the consultant recommends increasing the price of pizza by %%. The consultant claims that doing so would increase the number of slices sold by % or slices. As a result, the economist predicts that the new revenue would be Thus as a result of the increase in the price there is in revenue. This is due to the fact that the pizza shop owner was operating on the V portion of the demand curve. elastic inelastic