3. The owner of a restaurant is considering lowering menu prices to draw in more customers. He is debating between lowering the price for the steak entree or the salmon entree. When he lowered prices last year, a $2.00 decrease in price for the $15 steak resulted in a growth in steak sales from 75 per week to 100 per week. A $2.50 decrease in the price of the $17 salmon entree increased sales from 40 to 75 meals per week. (a) (5 points) Using the point elasticity formula, calculate the coefficient of the price elasticity of demand for steak entree. [Show all your calculations in the space below](b) (5 points) Using the point elasticity formula, calculate the coefficient of the price elasticity of demand for salmon entree. [Show all your calculations in the space below (c) (10 points) Based on the elasticities calculated in 3(a) and 3(b), which entree should he choose to put on sale? Explain why. [Hint: relationship between elasticity and total revenue