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University of Phoenix Material Carlos Cruz’s Price Elasticity Scenario Resource: University of Phoenix Material Carlos Cruz’s Price Elasticity Scenario introduced in Week One; you may also use information from your own organization. If you use your own organization, get approval from your facilitator before proceeding. Prepare a report of no more than 1,050 words in which you explain the following concepts in the context of the Carlos Cruz scenario: Explain how a change in price affects revenue (assuming competitors do not follow). Explain the relationship between the laws of supply and demand and equilibrium price and quantity. Justify your estimate of equilibrium price and quantity. Estimate the elasticity of demand in your scenario using either the arc method of elasticity or base your estimate on the number and closeness of substitutes (including foreign substitutes). Justify your estimate of the elasticity. Recommend a business decision