please answer 1,2,3

You have been assigned the task of setting a new price for one of your company's products (it is currently priced at $50.00 ). On the basis of historical data available regarding unit sales at various price levels for the brand, you have calculated K from Weber's law to be 0.10. 1. Calculate and interpret the I component of Weber's law. 2. Assume the new price has to represent an increase from the current price. What would be the best price to recommend? Justify your response. 3. Now, assume that the new price has to represent a price decreasethat has to be noticed. What would be the best price to recommend? Why