1. From the data shown in table below about demand for smart phones, calculate the price elasticity of demand from: point B to point C, and point G to elasticity at each point as elastic, inelastic, or unit elastic. (4+4) Points P Q A 60 3,000 B 70 2,800 C 80 2,600 90 2,400 IT 100 2,200 F 110 2,000 G 120 1,800 H 130 1,600 2. If a firm wishes to increase its revenues and the product it is selling has an inelastic demand, then should the firm increase or decrease its price? (2)