Solve question 1 to 3 fill in the blanks for question 1 and 2

refer to the following screenshots the following screenshots .

Q3: An apparel company recently commissioned a market survey to provide insights for the company's Ma pricing and marketing strategies of its flagship product, ZENON, in order to improve the company's revenue. The following is a summary of the key findings of the survey: - The price elasticity of demand for ZENON is -1.6. -A 5% increase in the price of another apparel, LENON, will lead to a 8% increase in quantity demanded for ZENON. A 10% increase in the price of the main ingredient required for the production of ZENON, called Agent A, will lead to 0.01% increase in the quantity supplied of Agent A. Answer the following questions based on the scenario above: a) State and explain the relationship between Zenon and Lenon. [1 mark] b) Based on the survey results, the management believes the company should decrease the price of Zenon. Using only relevant information in the survey above, advise the management whether the company should decrease the price of Zenon. Explain and justify your points clearly. (Hint: Analyse the elasticity information carefully.) Answer with incorrect explanation will not be awarded any mark. [5 marks]