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August 2014/15 Suppose Angel Cake Shop increases the price of sponge cakes from RM10 to RM12. This causes the quantity demanded to fall from 580 units to 500 units monthly. (i) Using the midpoint approach, calculate the price elasticity of demand for sponge cakes. (3 marks) (ii) Based on the answer in (i), interpret the coefficient of price elasticity of demand. (2 marks) (iii) Examine the decision to increase the price of the sponge cakes in terms of its effect on total revenue and profits, assuming costs are unchanged