please explain in details and step by step.

5. Suppose that you are the seller ofa consumer product which has a very price elastic demand. Can the strategy of cutting the price of your product lead to an increase in your revenue and profit practically? Briey explain your answer. How could you change the demand of your product to become less price elastic? Suppose you can make the demand of your product to be inelastic. Should you still use the cutting price strategy for your product? Briefly explain your answer. (17 points}