7.(7 pt.) From the article: "Sales of iphones peaked in 2015, and the company has been focused on persuading customers to replace old devices-a much tougher task amid an economic crisis." Older generations of iPhones are substitutes for a new generation iPhone. Name another substitute for a new iPhone. Explain how a decrease in the price of this substitute would affect the demand for new iPhones. The cross-price elasticity is used to measure the relationship between two related goods. What is the formula used to derive a value for the cross-price elasticity of demand? Would the cross-price elasticity of demand between iPhones and a substitute for an iphone have a positive value or a negative value? Explain 8.(8 pt.) What is price discrimination (third degree)? Are merit scholarships a form of price discrimination? Alternatively, can students be viewed as consumers and contributors (i.e., producers) of university education? In their role as producers, should students whose productivities are expected to be greater be paid greater wages through merit scholarships? 9.(7 pt.) Assume the data below on price and quantity demanded is for the same college, now graph the college's demand curve and show in your diagram how market segmentation (2 groups-scholarship and non-scholarship) yields increased tuition revenues. How might you further segment this market to increase revenues? Explain. SCHOOLA SCHOOLS SCHOOLC Everyone Ment aid recalves For most scholzship FULL PRICE Paying 750 100 students DISCOUNTED RATE Paying 900 1,000 cruderes x $50,000 x 545,000 $40,000 or D'A or 10% or 20% discount discount discount $37.5m $40.5m $45m TOTAL REVENUE IN MILLIONS 10.(10pt.)What is the effect of better consumer information about retail automobile prices and the profit margins of dealerships? Does this make the price elasticity of demand more or less elastic at given dealer? What is the relationship between economies of scale for automobile