Answer question 6 and 7 below

Question 6 [6] Read the following scenario and answer the succeeding questions. Scenario 3 Johnnie Walker is a brand of Scotch whisky now owned by Diageo that originated in the Scottish burgh of Kilmarnock in East Ayrshire. "Johnnie Walker Blue Label is an unrivalled masterpiece - an exquisite combination of Scotland's rarest and most exceptional whiskies. Only one in every ten thousand casks has the elusive quality, character and flavour to deliver the remarkable signature taste. An extraordinary whisky for extraordinary occasions". Suppose that the price of the Johnnie Walker Blue Label increases from R2400 to R2900 per bottle, and as a result, the quantity demanded decreases from 10000 bottles to 9700 bottles. For scenario 3, answer the following questions: 6.1. Use the ARC (midpoint) formula to calculate and classify the price elasticity of demand for Johnnie Walker Blue Label. (4) . Explain how Diageo can increase total revenue (TR). (2) Question 7 [10] Read the following scenario and answer the succeeding questions. Scenario 4 Suppose the average income of a consumer named Warren decrease from R18000 to R12000. As a result, the quantity of product A demanded by Warren increase from 200 units to 280 units. For scenario 4, answer the following questions: 7.1. Use the ARC (midpoint) formula to calculate the income elasticity of demand for product A given the information above. (3) 7.2 Based on your answer in 7.1, is product A an inferior good or a normal good? Substantiate your answer with reference to your calculated elasticity value. (1) 7.3. With reference to the cross-price elasticity of demand, classify the following values and explain the type of product by providing your own example for each for each. 7.3.1. Ec = -0.5 (3) 7.3.2. Ec = 2.1 (3 )