Need answer for this please. Thank you.

Question 2 (a) A company decided to increase the price of their Chai Tea and asked you as an expert to analyses the effect associated with a proposed price change. You conducted a survey and found that if the price of a pack of Chai Tea sold by the firm increases from RM6 to RM8, the quantity demanded will decrease from 500 units to 420 units a month. i. Calculate the price elasticity of demand (8 marks) ii. Should the company raise the price? Explain the economic basis for this recommendation to the Manager. (7 marks) (b) Use the data in Table 1 to explain the economic effects of a price ceiling at RM4, at RM3, and at RM2. (10 marks) Table 1 Price (RM) Quantity demanded Quantity supplied 2.00 6000 15000 3.00 7000 13000 4.00 8000 11000 5.00 9000 9000