1-The president of a toy company asks you for advice about whether the company should cut the price of its best-selling doll this year based on the following information: last year the company cut the price of its best-selling doll by 10% and the total revenues from doll sales increased by 10%. 2-A gasoline station very near a professional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parking price to $5.00 and parked 850 cars. Did the station owner make a good economic decision in raising the parking prices from one year to the next? Explain. 3-Using the demand data given, complete the following table by computing total revenue at each of the prices. Indicate whether demand is elastic, inelastic, or unitary between each set of prices. Quantity Total Character of demanded revenue demand Price $1000300 900 400 800 500 700 600 600 700 500 800 400 900 300 1000 200 1100 100 1200 $