Elasticity

3. For each of the following cases, what is the expected impact on the total revenue of the rm? Explain your reasoning. a. Price elasticity of demand is known to be 0.5, and the firm raises price by 10 percent. in. Price elasticity of demand is known to be 2.5, and the mi lowers price by 5 percent. c. Price elasticity of demand is known to be 71.0, and the rm raises price by 1 percent. CI. Price elasticity of demand is known to be 0, and the rm raises price by 50 percent