There are plenty of options to choose from when buying running shoes. Some of the most popular brands are Nipe and Adipas. Answer the following questions: a. Mark and Jack are looking for a new pair of running shoes. Mark is working full time at the Reserve Bank of Australia and earns a higher income every month. Jack is still a student in high school and only receive a small amount of allowance per week. Jack's price elasticity for Nipe is L elastic as compared to Mark. Type L for Less, M for More or E for Equally. b. Assume now Nipe is trying to find out the price elasticity of their customers by changing the prices of their running shoes. When a pair of shoes is sold for $345, it is observed that Nipe can sell 5525 pairs of shoes within a day. When the price increases to $450, Nipe will only be able to sell 3250 pairs of shoes within a day. Calculate the price elasticity of demand using the mid-point formula? 1.94 . Answer to the nearest 2 decimal places. c. Considering your findings in part b, should Nipe increase the price for a pair of shoes to increase revenue? N Type Y for Yes, N for No, or U for Unknown