Suppose you write books for a living.You are paid 5% of the revenues from sales of each book.

Suppose prices are set by Amazon.Amazon has notified you that the price of your book is going up by 10%.

5.1 Use your answer in part 2 as your answer for part 1. You would be happy if elasticity is ________ and would be unhappy if elasticity is ____________

5.2 What are the characteristics of your book that would cause your book to be inelastic or elastic?