Pricing Mini Case: Maximizing total revenue for bubble tea sales Imagine you are the head of marketing for a national chain of bubble tea stores. Historically, every store has charged the same price for bubble tea (and they only serve a single size). Recently, a pricing experiment was conducted in some of the stores to see if a price increase could lead to increased total revenue. Click the icon to view the description of the experiment. Click the icon to view the spreadsheet with the information about (a) the average monthly bubble tea units sold per store and (b) the price for bubble tea being charged at those stores during the experiment. Click the icon to view the demand chart. Calculate and interpret the price elasticity of demand for each bubble tea price level. (Round to two decimal places.) While some stores kept the current price, other stores were randomly placed into 4 different test markets (labeled A, B, C, and D). Stores in test market A increased bubble tea prices by $1, test market B increased prices by $2, test market C by $3, and test market D by $4 (that's some expensive bubble tea!). After running this pricing experiment for 6 months, you are now ready to analyze the results and answer an important marketing question: What price should be the national price your company charges for bubble tea, assuming the goal is to maximize total revenue? \begin{tabular}{lcc} \hline & Avg. Monthly Bubble Tea Store Sales & Price per Bubble Tea \\ \hline Current price & 100 & $3.50 \\ Test Market A & 80 & $4.50 \\ Test Market B & 60 & $5.50 \\ Test Market C & 40 & $6.50 \\ Test Market D & 20 & $7.50 \\ \hline \end{tabular} und to two dec