Q2 Suppose the price elasticity of demand for the market of mobile phones is 0.90. a.If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase or decrease?  b.If a single mobile-phone company increased its price, would you expect the company’s total revenue to increase or decrease? Explain.  c.Suppose that the price in the market is initially $10 and the quantity demanded is 100 units. If the price in this market increases by 10%, what will be the percentage change in the quantity demanded?

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