Regarding the following article,

PRICE ELASTICITY FOR SMARTPHONES IN THE UNITED STATES: RESULTS FROM THREE METHODOLOGICAL APPROACHES

https://ttu-ir.tdl.org/bitstream/handle/2346/82257/ROBERSON-DISSERTATION-2016.pdf?sequence=1&isAllowed=y

Please teach me how to answer the following questions:

1. Select the actual number you are going to use as "the" elasticity of your product.

2. What would you expect happen to revenue if you increase prices-assuming everything else remains constant? Is this number elastic or inelastic? Would you recommend to change prices? What do you expect would happen to revenues if the CEO decides for a 10% price increase?

3. Income elasticity of demand Now assume that economy enters in recession because of an unexpected pandemic

(Hint: what kind of elasticity would you use to address this change). How would this affect your earlier decision? Will this impact reinforce or counteract your decision to change prices or not? Which impact would you expect to prevail?

Income or prices?

You are required to find two types of elasticities for your product:

1. The Price elasticity of demand
2. The Income elasticity of demand