Describe what will happen to total revenue in the following situation. (10pts) A if it will increase, B if it will Decrease and C if it will remain the same. 1. Price decreases and the demand is elastic 2. Price decreases and the demand is inelastic 3. Price increases and the demand is elastic 4. Price increases and demand is unitary 5. Price increases and the demand is perfectly elastic What is the difference between Cross Elasticity of Demand and Income Elasticity of Demand? Explain briefly. (lopts)