A study estimates that the price elasticity of demand for Lipitor is -1.05, but the price elasticity of demand for statins as a whole is -0.13.(1)Why is demand for Lipitor more elastic than for statins as a whole?(2)What would happen to revenues if the makers of Lipitor raised prices by 10 percent?(3)What would happen to industry revenues if all manufactures raised prices by 10 percent?(4)Why are the answers sodifferent? Does this difference make sense?