How much would the firms revenue change if it lowered price from $4 to $2?

All d Show more Answer the following questions based on the accompanying diagram: Instructions: All dollar responses should be entered as whole numbers. Include a minus (-) sign for all negative answers. a. How much would the firms revenue change if it lowered price from $12 to $10? Is demand elastic or inelastic in this range? Revenue change: $ Demand is (Click to select) unitary elastic elastic inelastic in this range b. How much would the firms revenue change if it lowered price from $4 to $2? Is demand elastic or inelastic in this range? Revenue change: $ Demand is (Click to select) elastic unitary elastic inelastic in this range c. What price maximizes the firms total revenues? What is the elasticity of demand at this point on the demand curve? Price that maximizes total revenues: $ Demand is (Click to select) elastic inelastic unitary elastic at this point Show less

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