Assume Moderna develops a new booster vaccine for Covid. They sell the vaccine for $50, and the quantity demanded is 1 million sold per day. Assume the price elasticity of demand for the vaccine is 0.1 in absolute value. If Moderna improves the technology used to produce the booster vaccine, what will happen to Moderna's revenue from the sale of the booster vaccine?
a. It will decline because the percent change in price is less than the percent change in quantity demanded.
b. It will rise because they sell more vaccines at a lower price.
c. It will decline because the percent change in price is greater than the percent change in quantity demanded.
d. It will rise because the demand for the vaccine is so insensitive to price