Refer to a demand curve for smartwatches to answer the following questions

Refer to a demand curve for smartwatches to answer the following questions. Demand for smartwatches P($) 400 A Be E 160- CH 804 Di D2 Doc 2 64 8 104 Qd 1) Suppose that the original demand curve for smartwatches is Do. Which method do you need to use to calculate the price elasticity of demand from B to C? Calculate the price elasticity of demand from B to C. Show all the equations and processes. Identify whether the price elasticity of demand is perfectly elastic, elastic, unit-elastic, inelastic, or perfectly inelastic after calculation. (4 points) 2) Which method do you need to use to calculate the price elasticity of demand at B? Calculate the price elasticity of demand at B. Show all the equations and processes. Identify whether the price elasticity of demand is perfectly elastic, elastic, unit-elastic, inelastic, or perfectly inelastic after calculation. What should a smartwatch company do to raise the total revenue with such elasticity? (5 points) 3) Suppose that the demand for smartwatches shifts from Do to D, due to the increase in the price of regular watch from $40 to $60 and the price of smartwatches is fixed at $160. Which method do you need to use to calculate the cross-price elasticity of demand between smartwatches and regular watch? Calculate the cross-price elasticity of demand. Show all the equations and processes. Identify whether smartwatch and regular watch are substitutes or complements or unrelated. (4 points) 4) Suppose that the demand for smartwatches shifts from Do to D2 due to the decrease in income from $7,000 to $3,000 and the price of smartwatches is fixed at $160. Which method do you need to use to calculate the income elasticity of demand? Calculate the income elasticity of demand. Show all the equations and processes. Identify whether smartwatch is a normal good or inferior good. Identify whether smartwatch is a necessity or luxury if it is a normal good.