2. The Motor Transport Authority (MFA) expects that new car sales will decrease from 48,500 cars in December to 46,950 cars in Januaryr due to 5% Value Added Tax (VAT) in 2018, which will be completely passed on to consumers. Calculate PED, state whether it is elastic or inelastic, and, state what manufacturers and dealers should do to maximize revenue. (4 marks total 2 x 2 marks)