1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the...

Extracted text: 1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price?


Extracted text: d. The price of water beds rises from $500 to $600. Quantity demanded falls from 100,000 to 80,000.