Consider a good whose original price equals $100, and the firm sells 1,000 pounds of the good at this price. The good's price elasticity of demand equals -2. Because the firm is selling a product measured in pounds, it can sell partial units.

a. Use the equation to calculate the effect of a one-percent increase in price on the number of units sold? Explain. d%Q%P

b. What is the effect of a one-percent increase in price on total revenue generated by the sale of this good? Explain.

c. Use the equation to calculate the effect of a one-percent decrease in price on the pounds sold? Explain. d%Q%P

d. What is the effect of a one-percent decrease in price on total revenue generated by the sale of this good? Explain.

e. Based on answers (a) through (d) explain why revenue falls when the price of a price-elastic good increases. f. Based on answers (a) through (d) explain why revenue rises when the price of a price-elastic good falls.

I need the formulas written out so I can understand how to work these. Thank you!!