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For each of the following absolute values of the price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic or unit elastic

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For each of the following absolute values of the price elasticity of demand, indicate whether demand is elastic, inelastic, perfectly elastic, perfectly inelastic or unit elastic. In addition, determine what would happen to total revenue if a firm raised its price in each elasticity range identified.

a. ED = 2.5

b. ED = 1.0

c. ED = ∞∞

d. ED = 0.8