Click on the graph below to make it interactive and answer the following questions. C Alter the graph in order to explore the change in total revenue in response to a price change with different demand elasticities. Old revenue $6.00 New revenue $5.94 Old revenue Price Elastic demand 2.00 1.45 $1.45- 3 4.1 Quantity 3.22 Quantit $6.00 New revenue $4.66 Price Inelastic Demand $2.00 Macmillan Learning Notice that once price goes below $1.50, total revenue decreases in both cases of demand elasticity. a. What important insights does this illustrate? Elasticity is constant along a linear demand curve. Elasticity measures responsiveness in percent change, which is different than slope. With linear demand curves, elasticity will eventually change as you move along a curve. Elasticity is unitary along a linear demand curve