Read the news article below from the Financial Times and answer the following three questions. P&G beats revenue expectations as customers absorb higher prices. Source: Financial Times October 18th, 2023 'News Updates' "Procter & Gamble beat revenue expectations in its first quarter as consumer demand held up despite higher prices. However, the maker of Oral-B toothpaste and Tide detergent trimmed the low end of its sales growth guidance due to the strong US dollar. P&G reported net sales of $21.9bn in the three months ended September 30, a 6 per cent increase from a year earlier and beating analysts' expectations for $21.6bn. Net income rose 15 per cent to $4.5bn, matching Wall Street forecasts. The company raised prices across all of its main divisions, leaving them 7 per cent higher overall from a year earlier. Customer demand remained resilient, despite a 1 per cent sales volume decline. P&G adjusted its full-year sales guidance to growth of 2 to 4 per cent, compared with previous forecasts for an increase of 3 to 4 per cent. Shares were up 1.5 per cent in pre-market trading."

a) Is the price elasticity of demand for Procter and Gamble's products elastic or inelastic? (2 marks) b) Calculate the price elasticity of demand for goods across P&G's main divisions. (3 marks) c) Briefly outline the relationship between price elasticity of demand and a firms' total revenue. (3 marks)