Consider following equations of a firm,Speed Inc., the major supplier ofnoodles in the US market:

Q^d = 31 - P; Q^s = 1 + 2P

Similarly, consider following equations of another firm,Light Inc., the major supplier ofElectronic items in the US market:

Q^d = 44 - 1.5P; Q^s = 4 + 2.5P

Find out equilibrium price and quantity of the product for both the firms. Say, after a year, price of the both commodities decrease to Rs. 5 making quantity demanded of noodles to 55 and electronic items to 32. Now calculate the own price elasticity of demand, and interpret the result for both the firms. After you interpret the result, suggest both the firms, whether price of respective commodities should further be increased or decreased in order to increase the total revenue of the respective firms? Justify your answer with necessary logics and examples.