for the first time in two years big g (the cereal division of general mills) raised cereal prices by 2 percent. If, as a result of this price imcrease, the volume of all ceral sold by Big G changed by -4 percent what can you infer about the iwn orice of elasticity of demand for Big G?

1. It is

inelastic

elastic

unit elastic

2.Can you predict whether revenues on sales of its Lucky Charms brand increase or decrease?

yes, it decreased

no, you cant tell

yes, it increased