3) Consider the formula derived in class for the elasticity of residual demand for a rm - . E 1z- whose market share is given by 21- : 8.; = 2: ( 2i ') 710~ a) How is this formula related to equation (1) in the Competition Chapter? b) When Will a firm with low market share have inelastic residual demand despite the low share? 0) When will a rm With high market share have a large residual demand elasticity despite the high market share