Data for the market for graham crackers is shown below. Calculate the elasticity of demand between

Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices. . 09px,=”” 12px=””>Price of crackersQuantity Demanded (per month)$380$2. 5120$2160$1. 5200$1240$1. 00–$1. 50: $1. 50–$2. 00: $2. 00–$2. 50: $2. 50–$3. 00: Now, assume the price of graham crackers is $2. 75. Should firms raise or lower their prices if they want to increase revenue? Explain this in terms of elasticity.

Data for the market for graham crackers is shown below. Calculate the elasticity of demand between

Data for the market for graham crackers is shown below. Calculate the elasticity of demand between the following prices.

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Price of crackers

Quantity Demanded (per month)

$3

80

$2.5

120

$2

160

$1.5

200

$1

240

$1.00–$1.50:

$1.50–$2.00:

$2.00–$2.50:

$2.50–$3.00:

Now, assume the price of graham crackers is $2.75. Should firms raise or lower their prices if they want to increase revenue? Explain this in terms of elasticity.