A. Guitar Sonic sells acoustic guitars. Last month, they sold about 500 sets at a price of P5,000 per set. The new sales manager believes that the company needs to generate higher revenue. Hence, he raised its price to P7,500 per set. At present, the store is now selling only 300 sets at the new price. What is the price elasticity of demand? mm 1. Solve for the % change in quantity demanded and % the change in price. Interpret your answers. 2. Solve for the Price elasticity of demand (Ep). What type of demand are we faced with (Guitar Sonic guitars)? 3. Solve for the total revenue (Price x Qd) at each price level. Do you think it would be best to lower the price in order to raise the total revenue? B. Solve for the Price elasticity of demand (Ep) between these two points. Solve for the % change in quantity demanded and % the change in price. Interpret your answers. c. Suppose movie attendance dropped by 10% as ticket prices rose by 5%. What is the price elasticity of demand for movie tickets? What type of demand are we faced with here? Should the rm raise the price