3. The price-demand equation for a milk shake at a fast food restaurant is 0.13 + 10p = 30. 2] (a) For what range of p values is this price-demand equation valid? 3] (b) Find the elasticity E(p), and then evaluate E(1.00) and E(1.80). E(P) = E(1.00) E(1.80) :) (c) If the restaurant drops the price for a milk shake from 1.00 to 0.95 (a 5% drop): (1) Will the revenue from selling shakes go up or down? (ii) Will the demand for shakes go up or down? By about what percentage? ] (d) If the restaurant drops the price for a milk shake from 1.80 to 1.62 (a 10% drop): (1) Will the revenue from selling shakes go up or down? (ii) Will the demand for shakes go up or down? By about what percentage? 3. The price-demand equation for a milk shake at a fast food restaurant is 0.13 + 10p = 30. 2] (a) For what range of p values is this price-demand equation valid? 3] (b) Find the elasticity E(p), and then evaluate E(1.00) and E(1.80). E(P) = E(1.00) E(1.80) :) (c) If the restaurant drops the price for a milk shake from 1.00 to 0.95 (a 5% drop): (1) Will the revenue from selling shakes go up or down? (ii) Will the demand for shakes go up or down? By about what percentage? ] (d) If the restaurant drops the price for a milk shake from 1.80 to 1.62 (a 10% drop): (1) Will the revenue from selling shakes go up or down? (ii) Will the demand for shakes go up or down? By about what percentage