A.How does Lowering the Price of the Apple watch to $279 (note the original price of $349)

1. Calculate the Point Price Elasticity of Demand for the AppleWatch (this requires you to show your work, calculate the number and explain the results of the Price Elasticity of Demandin effect, is it elastic or inelastic and whyyou should use the original price and the new price of $279)? (7 Points)
2. Calculate this price reduction on Total Revenue (what is initial total revenue when the price was $349).Noteuse the demand function to calculate quantity demanded. (6 Points