Whenthelocalnewspaperloweredtheweeklysubscriptionpricefrom$5.60to $2.80 savings of 50% the number of subscriptions sold increased by 22%. What does this suggest about its elasticity of demand and the effect the lower price has on revenues?

a) The demand is inelastic and the lower price increased revenues.

b) The demand is elastic and the lower price increased revenues.

c) The demand is in elastic and the lower price decreased revenues.

d) The demand is elastic and the lower price decreased revenues.