Part I Take the scenario of that a monthly demand for housing in Miami is QD = 10000 - 10P. If the initial price is $400, calculate the price elasticity of demand between a price of $500 and $400. You are to explain the meaning of your answer using the concept of elasticity. Part II Take the scenario that the prevailing price is $400. Would you recommend an increase in the price to $500? Explain your answer using the concept of elasticity. If your recommendation is in the negative side, describe the conditions under which the recommendation would be made. Part III Find the total revenue from the sale of houses at $400, and then at $500. You are to fully explain with calculations if a different conclusion is reached regarding the effect of the increase in price.