4. Xiaomi, a Chinese smartphone company, sold 5,000 of its Redmi phones in Singapore in eight minutes after its online sale kicked off. a. What does the above information tell you

about the price elasticity of demand for Redmi phones in Singapore? b. What is the effect of the online sale on the total revenue received by Xiaomi for selling its Redmi phones? c. If more Chinese smartphone makers expand their business to Singapore, how do you expect the price elasticity of demand for Xiaomi phones to change?