. Figure: Demand for Shirts Price shirts $60 B a. Using the midpoint method, what is the 50- price elasticity of demand for shirts between 40 the price of $10 to $20? 30-.. Is demand between $10 and $20 elastic, 20 inelastic, or unit elastic? 10 100 200 300 400 500 600 Quantity demanded (per day) b. John is a shirt retailer who wants to increase revenue by selling more shirts. He lowers his price from $20 to $15. Will John achieve his goal of increasing revenue? Why or why not? c. Is demand between points B and C (between $40 and $50) elastic, inelastic or unitary elastic? How do you know? d. Given the following income elasticities of demand, would you classify the following as normal or inferior goods? If the good is a normal good, is it a necessity (normal non-cyclical) or luxury good (normal cyclical)? Good Elasticity Normal or Inferior? If normal, necessity or luxury? Fruit juice 0.45 Pinto beans -0.10 Video cameras 1.40 Wine 3.00