uestion Completion Status: > Moving to another question will save this response. > Question 2 30 points Saved If the price of an iPad is $800, the quantity demanded is 400 iPads per day. When the price falls to $600, the quantity demanded increases to 600. Given this information and using the midpoint method, 4 a) Calculate the price elasticity of demand. (13 points) b) Interpret the number you calculated at part a. what does that number tell us. interpret both the sign and the absolute value( 5 points) c) Based on your answers at part a) is demand between $600 and $800 elastic, inelastic, or unit elastic? ( 3 points) why? (2point) d) Based on your answers at part a) what happens to the firm's total revenue if the price of the iPad increases by 15 percent? (2 points) Why? Explain your answer(5 points)