1. The hourly demand for corndogs at the local state fair is estimated to be: Qd = 360P2, where Qd is the number of corndogs demanded per hour and P is the price of a corndog. a. Using the estimated demand function for corndogs, calculate the price elasticity of demand as a function of the price of a corndog. b. Using the demand function above, the quantity demanded is 90 corndogs when the price is $2 per corndog, and the quantity demanded is 40 corndogs when the price is $3 per corndog. Does the total revenue from selling corndogs rise or fall as the number of corndogs sold increases? c. Are your answers to part b consistent with the Total Revenue Test? Explain