3. (45 Points) This question has five sections. Each section asks you to calculate a set of numbers based on the following description. Specify a range of prices for your product which must include several high and several low prices. Obviously, you can sell your product for any price you want. However, you are asked to come up with a range of numbers as possible prices for your product. For example, choose three high prices below the highest price you can sell the product for, and three low prices (short of giving your product away free of charge), and one price in the middle of the high and low. You should identify at least 7 price points in addition to the maximum and minimum prices. a. (10 Points) For each price point, calculate the quantity demanded from your demand equation for that price. You should show how this calculation was done mathematically for at least one price. Input this information in the table in part e below. But show your sample derivation in this section. b. (10 Points) For every pair of price and quantity (question 3 and 3a), calculate the point price elasticity of demand at that point (this is not an arc elasticity). As in in section C(a), you should show your work for at least one calculation, but include all the results in the table below. c. (10 Points) For what price-quantity combination is the price elasticity of demand for your product is -1? Again, you should show an algebraic derivation and explanation of your work to indicate how you calculated this price and quantity. It is not sufficient to simply plug in a price and quantity and show that at that point, elasticity is -1. If this combination happened to exist in one of your choices below, you should still show mathematical proof of how these numbers can be algebraically derived, as if you didn't know what they were