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Suppose the price of bread increases from $1.50 per loaf to $2.75. As a result, the quantity demanded for bread goes from 3,500 to 3,000 . a. What is the price elasticity of demand represented by this change? b. Based on your answer from part (a), is demand elastic, unit elastic, or inelastic? c. Why does your answer from part (b) makes sense for this particular good? d. Draw an example of a demand curve that is consistent with your answer from part (b). e. Suppose this bread were being sold by a baker who wanted to maximize her total revenue (TR = Price * Quantity). Would she want to increase or decrease the price? Until what point? Explain how this would affect each of the two components of TR but ultimately increase TR