The table below shows the number of DVD (thousands) bought in Sydney each day at a variety of prices

Question 1 (12 marks) The table below shows the number of DVD (thousands) bought in Sydney each day at a varie of rices Calculate the price elasticity of demand at the point on the demand curve at which the price of a DVD is $8 and $12, respectively. (4 marks) Discuss the price elasticities of demand you calculated in part a) (2 marks) What would happen to the total revenue i) if the price of a DVD increases from $4 to $8, ii) if the price of a DVD decreases from $12 to $16? (4 marks) Discuss the change in total revenues in part c). (2 marks)