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Question: A monopolistic firm is considering to decrease the price of its product from $10 to $7. According to the available data, the quantity demanded will rise from 1600 units to 1800 units.
(1) Using the midpoint method, compute the arc elasticity between two prices, $10 and $7.
(2) Based on the elasticity you computed in (1), explain whether or not the firm should decrease the price from $10 to $7 in order to increase its revenue.
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Sources used to research this person 4-5 non-web based (Periodical, date, pages, etc. MLA) with works sited on the last page. Do not reference the course text book.
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