I. A major cereal producer decides to lower the price from $3.60 to $3.00 per l5-ounce box. a. If quantity demanded increases by l8 percent. what is the price elasticity of demand? b. If, instead of lowering its price, the cereal producer had increased the size of the box from l5 to I7.8 ounces, what would you expect that the response would have been? Why