When Price is increased from $40 to $42, the Quantity Demanded falls from 50 units to 45 units, while the Quantity Supplied increases from 50 units to 70 units. Use this information to: (i) Calculate the Price Elasticity of Demand and the Price Elasticity of Supply.(ii) Give the name of the Price Elasticity of Demand and explain what the coefficient tells you about the product. (iii) Calculate the Total Revenue when price is $42.

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