Willie's widgets currently sell for $11 each. At that price, Willie has sold 47,000 widgets. Willie would like to maximize his revenue, so he raises the price of a widget to $14 each. Willie has seen the sales of his widgets drop only slightly to 46,000. Using the initial-value method, the price elasticity of demand for Willie's widgets is. (Enter your response as an absolute value rounded to two decimal places.) We can conclude that the demand for Willie's widgets under these conditions is OA. inelastic. OB. unit elastic. OC. perfectly inelastic. OD. elastic.