Question 38 9 pts Barney owns a bagel business in New York City and he wants to increase his total revenue. He knows that, when bagels are $1, he sells 250 an hour, and when he lowers the price to $0.75, he sells 275 an hour. A) Using the midpoint method, compute the price elasticity of demand for Barney's bagels. (show formula and all your calculations) (3 points) B) Based on your answer to section A, is demand for Barney's bagels elastic or inelastic? How do you know? Explain (3 points) C) Based on your answer to section B, explain whether he should raise or lower the price to generate more revenue. (3 points) Edit View Insert