1. Mayflower Cleaners is the only dry cleaner on the resort island of Martha's Vineyard. Patronizing a different dry cleaner would involve an expensive ferry or toll bridge; therefore, you can consider Mayflower to have significant market power in the shirt cleaning market on the island. a. The typical cost to clean a dress shirt is $3 in labor and materials. Mayflower has estimated the elasticity of demand for shirt cleaning services to be -4. What price do you recommend Mayflower charge to clean a shirt? b. Suppose that $3 is actually $2 to clean the shirt and $1 to process the transaction (write the service ticket, find the order, match the ticket, and process payment). Moreover, that $1 cost is per transaction, not per shirt. Mayflower has not done this, but is considering offering a volume discount, charging a single price to clean 5 shirts. Assuming the same elasticity of demand of -4, what price do you recommend to clean 5 shirts in one transaction?