F. Calculate the demand elasticity, in absolute terms, determine if the product is elastic or inelastic and calculate the total revenue (TR) change. SHOW YOUR MATH CALCULATIONS. Use the standard calculation NOT the midpoint formula calculation.

2. As price falls from $4 to $3 the quantity increases from 40 to 50 units.

Elasticity = ______

The product is elastic/unit-elastic/inelastic and TR increased/decreased from $________to $_________