Using the data from above: As price decreases from $1.00 to $0.70, demand is (elastic, inelastic, unit-elastic) ______________ and total revenue (increases, decreases, remains the same) ______________.
b. As price decreases from $0.70 to $0.60, demand is (elastic, inelastic, unit-elastic) ______________ and total revenue (increases, decreases, remains the same) ______________.
c. As price decreases from $0.60 to $0.40, demand is (elastic, inelastic, unit-elastic) ______________ and total revenue (increases, decreases, remains the same) ______________.