A dealer in deep freezers increased the price of his product from $450 to $500 and sales dropped from 800 units to 600 units a week. Use the information abo...

A dealer in deep freezers increased the price of his product from $450 to $500 and sales dropped from 800 units to 600 units a week. 
Use the information above to answer the questions that follow.
(a)(i) Calculate the price elasticity of demand
(ii) What type of elasticity is it? Explain your answer

(b)Calculate the (i) total revenue of the company before and after price increase; (ii) change in total revenue. 

(c) What is the effect of the increase in price on the total revenue?

(d) State two factors influencing price elasticity of demand.