[Solution] Dirt Cheap Records, Inc., estimates its price elasticity of demand to be -4. Currently, DCRI sells 1,000 records per week at a price of $5.00
Question: Dirt Cheap Records, Inc., estimates its price elasticity of demand to be -4. Currently, DCRI sells 1,000 records per week at a price of $5.00 each. If DCRI lowers its price to $4.00:
- What will happen to total revenue? How do you know?
- What will be the new quantity sold?
Deliverable: Word Document 
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