2. (30 points) In the Microsoft Excel\" workbook entitled \"Problem Set 1,\" please nd the worksheet labeled "Transit Data\" a. Transform all the Transit data to natural logs ( =|n(A2) )Repeat question #la-i. j. k | m. n. Given the price elasticity of demand that you calculated, should prices be raised or lowered? .0 Report the price elasticity of demand, the income elasticity of demand, and the cross-price elasticity of demand. Relate whether the demand is own-price elastic, income elastic, or cross-price elastic. Is the demand for transit a normal or inferior good? Explain how one knows that the parking fee is the price of a substitute. Explain. Given the income elasticity of demand that you calculated and if you expect a recession this year which causes incomes to decline by 5%, what would be your prediction for weekly ridership? Explain. Given the cross-price elasticity of demand that you calculated, what would be the impact of weekly ridership if parking fees were raised 10%? Explain