When the local used bookstore prices economics books at $15.00 each, they generally sell 70 per month. If they lower the price to $7.00 each they sell 90. Given this, we know that the elasticity of demand for economics books is

Question 16 options:

0.34, so this store should raise price to raise total revenue

0.34, so this store should lower price to raise total revenue

2.91, so this store should raise price to raise total revenue

2.91, so this store should lower price to raise total revenue