Matt has a Hotdog stand in downtown Portland. He wants to increase his total revenue. He knows that, when hotdogs are $1.25, he sells 20 an hour, and when he lowers the price to $1, he sells 35 an hour. Calculate the price elasticity of demand for Matt's hotdogs using the midpoint formula. (show the formula and your calculations). Is demand elastic or inelastic? How do you know? Using the price elasticity of demand calculated in section A, explain whether he should raise or lower the price to generate more revenue