(i) a maximum price and

(ii) a minimum price. Support your answer using appropriate diagrams and give ONE practical example for each.

b) Cross price elasticity of demand between iPhones and iPhone cases is negative. Is this statement true or false? Give an explanation for your answer.

c) Explain how the total revenue of a firm is affected by an increase in the price where price elasticity of demand is greater than one. Refer to ONE example.