3. The following table gives the demand schedule for WLtd, a UK based carpet producer. m Quanti Demanded g. (i) What does the price elasticity of demand (PED) measure? (3 marks) (ii) How is it calculated? Write down the full formulae. (2 marks) (iii) Assume that the current price is 24. Calculate the price elasticity of demand if the price increase to 26 (show all your calculations). (4 marks) (iv) |s demand elastic, unit-elastic. or inelastic? Explain why. (3 marks) (v) What would the slope of the demand curve look like? (Hint: Relatively at or steep demand curve) Based on your calculation and your analysis, draw the demand curve for WLtd. (4 marks) (vi) Calculate the total revenues of WLM when the price is 24, and it increased to 26 (please include the formulae and show all your calculations). Which revenue is higher? Is this what you expect to happen? Explain your answer. (4 Marks)