1. The price of Good Y decreased from $600 to $400. As a result, the quantity demanded of Good Y increased from 100 to 200 units.What is the own-price elasticity of Good Y (calculate using the midpoint formula)?Is Good Y elastic, unit elastic, or inelastic?As a result of the price change, does total revenue increase, decrease, or stay the same?

Museum Trips Total Utility Marginal Utility Marginal Utility Price per dollar 220 $20 2 280 A $20 320 $20 340 $20 B 5 320 $20 Amusement park Trips Total Utility Marginal Utility Marginal Utility Price per dollar 1 200 $10 2 250 $10 270 $10 4 C 5 $10 5 273 $10