A.Identify the five categories of price elasticity of demand. Briefly explain each category and indicate the elasticity co-efficient for each category. B. Explain the important relationship between price elasticity of demand and total revenue. C. Distinguish between luxuries and necessities in the context of income elasticity of demand

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Q: b. Analyse the relationship that exist between Total revenue and the elasticity

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Q: 10.

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A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…