2. (3 Points) In the United States in 1916, the Ford Motor Company sold 500,000 Model T fords at a price of $440. Henry Ford, the founder of the Ford Motor Company, believed he could increase sales of the Model T by 40,000 cars if he cut the price to $400. a. Use the provided information to calculate the anticipated price elasticity of demand [PED] for the Model T Ford. Interpret your answer. b. Based on your calculation in [a], did Henry Ford believe demand for the Model T was elastic or inelastic? c. Based on your calculation in [a], if Henry Ford wished to increase total revenue from Model T sales, should he have increased or decreased price? Explain briefly