For each of the following cases, what is the expected impact on the total revenue of the firm? Explain your reasoning.
Price elasticity of demand is known to be -0.5, and the firm raises price by 10 percent.
Price elasticity of demand is known to be -2.5, and the firm lowers price by 5 percent.
Price elasticity of demand is known to be -1.0, and the firm raises price by 1 percent.
Price elasticity of demand is known to be 0, and the firm raises price by 50 percent.