Question: Question 1: Once a book has been written (first edition), subsequent editions usually involve incorporating minor modifications that can be done at a very low cost, relative to the initial cost of producing the first edition. The author is generally interested in book sales while the publisher is generally concerned with revenues that are generated from book sales. Information on the first edition indicates that the demand for the book is relatively inelastic. In pricing the second edition of the book, will the publisher and author agree or disagree about whether the price of the book should be raised or lowered? Explain your answer.