Blоssоm Inc. sells 500 bоttles of perfume а month when the price is $7. As а result of Blossom's increаse in cost of production, they need to raise their price to $9. At this higher price, the firm manages to sell 460 bottles of perfume. a) using the midpoint formula, what is the price elasticity of demand? (show your calculations) b) Is demand along this portion of the demand curve elastic, inelastic, or unit elastic? What could be one explanation to explain the price elasticity of demand? c) If you were Blossom and your goal was just to maximize total revenue what would you do? What is the relationship of elasticity to total revenue?