Use the graph and data below to answer the questions regarding elasticity. REMINDERS: E_{d}>1: ELASTIC E_{d}=1: UNIT ELASTIC E_{d}=<1: INELASTIC The following is the formula for calculating percentage change: The TOTAL REVENUE (P X Q) is another way to measure elasticity:If price increases and total revenue decreases=ELASTIC If price decreases and total revenue increases=ELASTIC If price changes and total revenue is unchanged=UNITARY ELASTIC If price increases and total revenue increases=INELASTIC If price decreases and total revenue decreases=INELASTIC |