Scenario: Suppose the maker of a designer handbag decreased the price of a new bag by $70 with quantity of 2,800. Last week, the bag was decreased in prir by $60 with a quantity of 3,000. The change in quantity would be calculated as such: %changeinquantity : w x 100 7 200 21900 x 100 : 6.9 The change in price would be calculated as such: - - _ 6070 %changemprlce (60+70)/2 x 100 = "615\" x 100 = _ 15,4 Therefore the price elasticity of demand is calculated as such: Price elasticity of demand : 712:3: : 0.45 Suppose instead the bag price is decreased by $50 with a quantity of 3,200. Remember, last week the bag was decreased in price by $60 with a quantity oi 3,000. 3. Calculate and share what the \"A: of change in quantity was. b. Likewise, calculate what the % change in price was. 0, Finally, What was the price elasticity of demand? . As you analyze the results of your calculations, explain why price elasticity is so important to the handbag manufacturer. . Why must the organization continue to track this information, and how might the product lifecycle play a role here