Struggling on this question

l. Elasticity You are an analyst employed by an airplane manufacturer that last year sold 40,000 ATR72 aircrafts at $100,000 each. Your market research indicates that: i) the price elasticity of demand for your aircrafts in -0.5. (or +0.5 in absolute value); ii) the income elasticity of demand for your aircrafts is +3.7; and iii) the cross price elasticity for your aircrafts with respect to the price of a comparable jet manufactured by a competitor is +1-6. A. Suppose that you expect a ceteris paribus decrease in average incomes of 10% this year compared to last year. How many aircras do you estimate that your company will sell this year? How will it impact total revenues? [6] B. Assume now that you do not think incomes will change, but that you expect your competitor will decrease his price by 4%. Assuming that your company does not change the price of its aircrafts, how many would you expect your company will sell this year? [5] C. Now suppose that the only change you expect is a 7% increase in the price of your aircraft. Estimate sales this year ad discuss the impact on total revenues. [5]