The following information is given to you about the demand of shoes. If 45 units are sold at the price of $75, and 40 units are sold at the price of $100, what is the price elasticity of demand? Use the mid-point formula, and show all your workings. What type of elasticity of demand does this product have, based on the answer you found above? If you were the business manager of this store, what would you do to the price of the product if you wanted to increase your revenue