When a University Bookstore Prices Chemistry Textbooks at $200 Each,it

Multiple Choice

When a university bookstore prices chemistry textbooks at $200 each,it generally sells 120 books per month.If it lowers the price to $160,sales increase to 160 books per month.Given this information,we know that the price elasticity of demand for chemistry books is about

A) 1.29,and a decrease in price from $200 to $160 results in an increase in total revenue.
B) 1.29,and a decrease in price from $200 to $160 results in a decrease in total revenue.
C) 0.78,and a decrease in price from $200 to $160 results in an increase in total revenue.
D) 0.78,and a decrease in price from $200 to $160 results in a decrease in total revenue.