You've just bought a company that publishes cookbooks. You consult your in-house economist. The conversation goes like this:He tells you that the price elasticity of demand for your cookbooks is (-0.4.Then you tell him that you want to maximize sales revenue.Then he tells you that you should lower the price of the cookbooks.Then you tell him that he is a useless collection of carbon-based molecules.TRUE or FALSE. Explain your reaction clearly. Refer to the Total Revenue Test. if its cet 4 it meams T inelosticso people cre less if price wuuld increuse. Su luweringof 100 units/ week. When the price of Good A falls to $8, the quantity demanded rises to 200 units/ week. However, the price of Good B must fall only to $9 in order to achieve sales of 200.4/5. Using the Total Revenue Test, show that each good faces an elastic demand curve.Tot 1001008$ 200 9200lessbetter 6/7. Use the midpoint formula to calculate the price elasticity coefficient for Good A and Good BCoefficient for Good ACoefficient for Good B8. In the price ranges given, which good has the more elastic demand?