Assume you are selling a product in which at a price of $10, you can sell 90 units. When the price increases to $11, you can only sell 63 units. Given this change in price and sales, answer the following:
What is the price elasticity of demand for your product?
Is demand elastic, unit-elastic or inelastic?
What is the change in revenue for this product from the price increase
The change in revenue would be?