Elton is thinking of starting up his own hair salon in the basement of his home. The first two columns of the table below describe Elton's estimate of the daily demand for haircuts at different possible prices. Please help Elton decide what price he should charge per haircut, by filling in the remainder of the table below, as well as answering the questions below the table. We know that Elton would really appreciate your assistance! (He might even consider giving you a 2% discount on a cut, if you do a good job.) (Round your elasticty of demand response to three decimal places. For all text responses, be sure to enter your response exactly as shown.) Price per Cut # Cuts per Day (@d) Daily Total Revenue Elasticity of Demand Elastic/Inelastic/Unitary Elastic? $25 S 30 0 0 When demand is elastic, the percentage decrease in quantity demanded will be (less than/equal to/greater than) the percentage increase in price and total revenue will (increase/decrease/stay constant) | when price is increased. In general, when there are no good substitutes for Elton haircuts the elasticity of demand will be (elastic/inelastic) | but if the percent of one's budget that is spent on haircuts is relatively large the elasticity of demand will be (elastic/inelastic). In general, when consumers view Elton haircuts as a luxury item, the elasticity of demand will be (elastic/inelastic) but when consumers have more time to react to a significant change in the price of Elton haircuts, the elasticity of demand will be more (elastic/inelastic)