A newspaper recently lowered its price from $0.50 to $0.30. As it did, the number of newspapers it sold increased from 240,000 to 280,000 (4 points) a) What was the price elasticity of demand for this newspaper (Arc/ mid-point formula)? b) What was the degree of elasticity for the newspaper? c) A 1% change in the price of the newspaper led to a change in quantity demanded of ______? d) What happened to the newspaper’s total revenue as it dropped its price?