Question 4: Consider the market for bicycles. The demand is giyen by P= -1.5Cld+ 60. Required: 1. Suppose that the price changes from Rs. 15 to Rs. 30. Using the standard percentage change formula {Point method}, what is the price elasticity of demand? . Suppose that the price changes from Rs. 15 to Rs. 30. Using the midpoint method, what is the price elasticity of demand? . When P215, what is the price elasticity of demand using the point method? Is it elastic or inelastic? At P215, it the price goes up, does the total reyenue increase, decrease, or stay the same? When Dd =10, what is the price elasticity of demand using the point method? Is it elastic or inelastic? At Cid =10, if the price goes up, does the total revenue increase, decrease, or stay the same? . Suppose you are a producer of bicycles. To maximize total reyenue, at what price should you sell bicycles? How much is the maximized total reyenue