3. Understanding Elasticity a. Suppose that the elasticity of demand for apricots is - 2.3. If the grocery store raised price from $1.25 to $1.50 per pound, by how much would quantity change? Calculate what would happen to total revenues. b. Suppose that when the price of gasoline was $3.00, the gas station sold 150,000 gallons per week. When the price of gasoline fell to $2.50, the gas station sold 175,000 gallons per week. Calculate the elasticity of demand and interpret. c. When the price of peanut butter increased from $2.75 to $3.00, sales of jelly fell from 250 to 225. Calculate the cross-price elasticity and interpret