Harold is the new manager of Jan's Pizza Parlor. He has been told that the price elasticity of demand for his product is 1.10. Which of the following statements are correct?
a. The demand for his pizza is elastic.
b. If Harold raises the price of pizza, the total revenue for the operation will increase A decrease in the pizza price will increase the total revenue of the business.
c ... A $1.00 increase in quantity will cause an increase in sales of 110 pizzas.
d. A 10% increase in price of pizzas will cause an 11% decrease in quantity of pizzas demanded.
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