If the price of shoes increases by 10%, its demand will drop by 30%.

1- Calculate the price elasticity of demand covariance for this product at this point.

2- Is it elastic or inelastic?

3- If the initial price of the product is $100 and the sales in 10,000 units a day, then how this change in price will affect the revenue?

4- If you where the management of this shoe factory, would you increase the price?