Three (3): A. When the price of a good increased by 10%, the quantity of demanded increased by 2%. i. What is the type of demand elasticity? ii. Are there substitutes for this commodity? if yes, describe the nature of the substitute. Is the good more likely to be a necessity? Why? Is the good likely to be broadly or narrowly defined? Why? iii. Calculate the price elasticity of demand for this good; explain how total revenue from the sale of the commodity has changed B. With the aid of appropriate diagrams, explain the relationship between total revenue and price elasticity of demand