PRACTICING WITH ELASTICITY Using Total Revenue Test For each problem, complete the mathematics, fill in the answer blanks and circle th answer (t or )) for "Price" and "Total Revenue". Then write whether the product is or price inelastic (between the two prices). 1. Price rises from $5 to $6. Quantity demanded decreases from 15 to 10. a. Old price x quantity demanded = old revenue b. New price x quantity demanded = new revenue c. Price 1 4 Total Revenue 1 4 2. Price falls from $20 to $15. Quantity demanded increases from 1,000 to 1,500. a. Old price X quantity demanded = old revenue b. New price x quantity demanded = new revenue c. Price t 4 Total Revenue 1 4 3. Price rises from $2.10 to $2.50. Quantity demanded decreases from 1,100 to 1,00 a. Old price x quantity demanded = old revenue b. New price x quantity demanded = new revenue c. Price 1 4 Total Revenue 1 4 4. Price falls from $4 to $3. Quantity demanded increases from 1, 100 to 1,500. a. Old price x quantity demanded = old revenue b. New price x quantity demanded = new revenue c. Price t 4 Total Revenue 1 4