1)A firm facing a downward-sloping demand curve sells 50 units of output at $10 each. The firm's average revenue is: a. $10. b. less than $10 but more than zero. c. $500. d. zero. e.more than $10 but less than $500. 2)A producer knows that the price elasticity for his product is -0.5. He wants to increase quantity demanded by 30 percent. By what percentage does he need to change the price? a. - 6 percent b. 10 percent c. - 9.5 percent d. - 60 percent e. 6 percent