In 201? the prices of ski lift tickets at Zeeland Mountain had fallen by 4 percent and total revenue had risen by two percent over the past year. Meanwhile, the quantity of ski lift tickets at nearby Saugatuck Mountain fell by 2 percent as the price of lift tickets at Saugatuck Mountain rose by 3 percent. a. Assume for the moment that the change in price of ski lift tickets at Zeeland Mountain was the only change in factors influencing the Zeeland Mountain ski lift tickets market. What was the elasticity of demand implied by the information on the Zeeland ski lift tickets? Is this demand elastic, inelastic, or unit elastic? Make sure to show the formulas you are using in the calculations, and explain why the elasticity is elastic, unit elastic, or inelastic. {40 points]. b. Assume for the moment that the change in price of Saugatuck Mountain ski lift tickets was the only change in factors influencing the demand for Saugatuck Mountain ski lift tickets. What was the elasticity of demand implied by the information? Is this demand elastic, unit elastic, or inelastic? Show your work and explain why the elasticity is elastic, unit elastic, or inelastic. [20 points} c. Say you own both Zeeland and Saugatuck and you want to increase revenues. If the elasticities and the situations in a and b are correct for the next period, what would you do to your price for each type of ski lift ticket in the next period to raise revenue? Explain. {20 points) d. We can no longer treat the two markets in isolation. What is your prediction of the sign of the cross-price elasticity between Zeeland and Saugatuck? Explain your answer. We are not asking.r for a numecai answer because there is not enough information provided in the question to give one. {22 points}. e. If you were trying to calculate a pure estimate of the price elasticity of demand for the Saugatuck lift tickets, what would be the three most important factors that you would want to hold constant in your analysis and how would an increase in each factor influence the demand for Saugatuck lift tickets. Explain. {18 points]