4. Petrol station very near a football stadium has a pay car parks where the owner makes lots of money on sport league season. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parking price to $6.00 and parked 950 cars. Calculate price elasticity of demand and total revenue for the car park. Did the station owner make a good economic decision in raising the parking prices from one year to the next? Explain.