Consider the following price-quantity information: Initial Price = $50.00; Initial Quantity Demanded = 1500 units. New Price (during a/b test) = $49.00 ($1.00 discount or coupon); New Quantity Demanded during a/b test) = 1540 units. a. Please compute the Price Elasticity for the above product. Indicate whether demand is elastic or inelastic. b. What happens to total revenue and profits), when price is decreased over the above price range? What should the firm do in this situation? C