Consider once again the market for iPads. P ($) 5 800 750 700 650 600 0 (NOW) 100 200 300 400 500 (a) Calculate the price elasticity of demand (PED) for iPads if the price increased from $700 to $750. Is demand elastic or inelastic? (4 marks) (b) What implication does the elasticity measure calculated in Part (a) have for total revenue (TR)? Explain your answer. Calculate TR for the new price of $750. (4 marks) {Approximate numbers read off the chart are ok.)