The following table is the demand schedule for Rare Stones Price (dollars per stone) Quantity demanded (millions of stones per year) 200 60 250 45 300 40 350 45 400 40 a. Calculate the price elasticity of demand for Rare Stones when the price decreases from $300 to $250. (3 marks) b. What does the calculated elasticity coefficient say? (3 marks) c. If the Cartel of Rare Stones wants to increase the revenue, should they increase the price or decrease the price for Rare Stones? Explain your answer. (4 marks)