Helvetica Neue 12 1) How would the following changes in price affect total revenue? That is, would total revenue increase, decrease, or remain unchanged? 1. Price rises and demand is inelastic. 2. Price declines and demand is elastic. 3. Price rises and demand is elastic. 4. Price falls and demand is of unit elasticity 5. Demand shifts (Increases) out and is inelastic 2.Utilizing the following information answer the listed questions: Price changes from $10 to $8 and quantity demand changes from 6 units to 8 units 1. a) Using the midpoint formula (SHOW WORK) solve for the price elasticity of demand 2. b) What is the dollar difference in total revenue? 3. c) Is the product elastic, inelastic or unit elastic? Q FS F6 7 8 9 5 y su 0