[KOL a prominent bubble tea chain, is known for its wide variety of avours and high- quality beverages. Currently, KOI sells its standard bubble tea for $4 per cup and serves 15 million cups annually in Singapore] a. [Suppose KOI decides to decrease the price of its standard bubble tea to $3.6 per cup, while trying to double the revenue level. How many cups will KOI need to sell? Based on this situation, what can you infer about the price elasticity of demand (PED) for KOl's bubble tea? Consider an alternative scenario in which the price reduction to $3 per cup results in a decrease in quantity sold to 10 million cups. How much revenue will KOI make now? What can you conclude about the PED now? {4 marks}] b. [Given the two scenarios presented in part (a), which one do you think is more likely and why? Present evidence in 100 words or less to support your prediction. Acceptable forms of evidence include books, journal articles, or news reports. {2 marks)] c. [Suppose KOI's bubble tea and gym memberships have a positive cross price elasticity of +3.6. 1What does this number tell us about the relationship between the bubble tea and gym memberships? Suppose a new wellness trend takes off in Singapore, leading to a 10% increase in the prices of gym memberships. As individuals become more health-conscious and invest in fitness, their spending patterns might shift. How might this trend impact KOl's bubble tea pricing strategies, considering the scenarios outlined in part (a)? Discuss both situations concisely, within a limit of 200 words. {4 marks}]