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a. Explain why price elasticity of demand is important for firms to consider when setting their prices to ensure that they maximize their prots. {1 Mark, 50-200 words) b. Before aid-UL-Eyg, the price of juice was Rs.100 a box in Karachi, and Mathan was willing to buy 10 juice boxes. After the EidUL-Eijr holidays, the price has gone up to 115.120 a box, and Khan is now willing to buy 8 juice boxes. Is khan's demand for juice boxes, elastic or inelastic? What is Khan's elasticity of demand? Draw Khan's demand curve, label everything clearly. (2 Marks, 50-250 words) c. Suppose that Pakistan International Airline and Serene Air have the following demand for tickets from Karachi to Islamabad during the COVE-19 crises. Price Quantity Demanded Quantity Demanded (Pakistan International Airline) (Serene Air) Rs. 15,000 2000 Tickets 4100 Tickets 35": 20,000 1600 4000 35., 25,000 1200 3800 i. M the price of tickets rises from 3;, 20,000 to 3;, 25,000 due to COVID-IQ crises, what is the price elasticity of demand for (a) Pakistan International Airline and (b) Serene Air? (Use the midpoint method in your calculations. (2 Marks) ii. Based on the above information, how would you recommend to both airlines for increasing the revenue? (3 Marks 50200 1words)