For each of the following cases, what is the expected impact on the annual total revenue of the firm Explain your reasoning.

a. Price elasticity of demand is known to be -0.5, and the firm raises prices by 10%.

b. Price elasticity of demand is known to be -2.5, and the firm lowers prices by 5%.

c. Price elasticity of demand is known to be -1.0, and the firm raises prices by 1 %.

d. Price elasticity of demand is known to be 0, and the firm raises prices by 50%.