Calculate the price elasticity of demand when the price of ice-creamincreases from $2 to $3 using the mid-point formula and classify the product based on the price elasticity of demand. Compute the changes in total revenue over this price range. (ii)Calculate the price elasticity of demand when the price of ice-creamincreases from $3 to $4 using the mid-point formula and classify the product based on the price elasticity of demand. Compute the changes in total revenue over this price range. (iii)Based on your answers in (i) and (ii), discuss the relationship between the total revenue and the price elasticity of demand.

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