If price were lowered from $10 to $8 and quantity demanded rose from 50 to 51, calculate elasticity; state whether demand is elastic, unit elastic, or inelastic; and find how much total revenue was when price was $10 and $8.
What will be an ideal response?
P1 = 10; P2 = 8; Q1 = 50; Q2 = 51.
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