Use the graph and data below to answer the questions regarding elasticity. REMINDERS: Ed>1--ELASTIC Ed=1--UNIT ELASTIC Ed=<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 |