3. You work at Ford Motor Company and you're put in charge of developing their newest electric vehicle. It's one of a kind, no other company has a competing model ready to launch. The project is struggling though, and yourjob is to fix any issues. Ford's research team estimates that the demand for Ford's new electric vehicle is Q = 8,000 0.2P. Ford's accounting department provides you with estimates for marginal cost: $20,000 per vehicle. a. How should you set the price of Ford's new vehicle to maximize profits? b. What is the own price elasticity of demand at the equilibrium price? Round your final answer ONLY to one decimal place. c. Provide a short (formula or maximum 2-3 sentence) explanation of how you found elasticity