Learning Objective: Calculate elasticities uDescribe what will happen to total revenue in the following situations. Price decreases and demand is elastic. Price decreases and demand is inelastic. Price increases and demand is elastic. Price increases and demand is inelastic. Price increases and demand is unitary elastic. Price decreases and demand is perfectly inelastic. Price increases and demand is perfectly elastic.sing several different methods and understand the economic relationship between revenues and elasticity. 2.1 Fill in the missing amounts in the following table: % Change in Price % Change in Quantity Elasticity Demand for the Apple Watch a. -25% -1.0 Demand for roses on Valentine's Day 50% b. -0.2 Demand for electronic cigarettes -10% 38% c.2.2 Use the table in the preceding problem to defend your answers to the following questions: Would you recommend that Apple raise or lower its price for the Apple Watch to increase revenue? Would you recommend that florists raise their prices for roses on Valentine's Day if their only goal is to increase revenues? Would you recommend that electronic cigarette vendors cut prices to increase revenues