Suppose that the firm is currently producing 50 units of the product and the current price of the good is $5.00. What is the own-price elasticity?

If the firm were to raise the price of the good to $5.25, what would you expect to happen to quantity demanded of the good?

At this point, is demand elastic or inelastic? Would the price rise increase total revenue? Explain and calculate total revenue before and after the price increase.(Round the predicted quantity change to the nearest whole number for the purpose of the total revenue calculations.)

Is this a shift or a movement along the demand curve?