The price for cigarettes was AUD6 per packet in March 2018. During the month,the consumption of cigarettes was 1000 packets. However, the Board ofDirectors decided to increase price by 25%.As a manager you noted that priceelasticity of demand was 0.8. A. As amanager of a grocery outlet in Sydney advise your Board of Directorsthe benefits of calculating Elasticity of demand and the strategy that couldbe adopted in order to increase revenue. B. Explain the benefits of your findings to government.