Elasticity
If the quantity demanded for lobster rises from 250 to 350 when the price of lobster falls from $150 to $100 per kg.

i. Calculate the price elasticity of demand for lobster. Is it price elastic or inelastic? Explain.
ii. Calculate the total revenue (TR) when the price is $100 a kg?
iii. If the lobster farmers want to raise the price of lobsters, what would happen to their total revenue? Explain.