Consider the case of Rolex watches. a. Would the price elasticity of demand for Rolex watches be elastic or inelastic? Base your answer on four of the factors that affect the price elasticity of demand. b. Given the price elasticity of demand determined in (a), what should Rolex do to the price of its watches if it wanted to increase its total revenue? Explain briefly, looking only at the price and the elasticity. c. Suppose Rolex determines that the price elasticity of demand for its watches is lower in developed countries than in emerging markets. Show graphically how Rolex could use third-degree price discrimination in this case to increase its profits. d. Would the cross-price elasticity between Rolex and Cartier, another high-end watch, be positive or negative? Explain