Question 1: Suppose Company X charges $10 per unit of their product and sell 250,000 of them over the course of the year. The next year, they raise the price to $12 and sell 200,000 units. What is the price elasticity of demand for the company's product? Assuming the marginal cost of providing a unit of the product is zero, is the price increase a good strategy (refer to elasticity when providing your answer)