price need only walk three storefronts down to the chain's 32 St. Mark's Place location, where slices remain $1." Relate this statement to elasticity and explain why the owner would be interested in nding the elasticity of demand for his pizza slices. b) If Mr. Halali hired you to be his economic consultant, what would you suggest he do if sales for pizza slices declined after raising the price to $1.50? C) Is it possible to raise revenues by raising the price of your product? Please explain your answer using the law of demand and the price elasticity of demand