5. The residents of British Columbia survive largely on beer and cheese fries. You are the sole seller of cheese fries in Rossland, and have determined that the demand function for cheese fries is q = 60-20p + 20Pb , where p, is the price of beer. Currently, beer sells for $1/bottle. a. Given the current price of beer, draw the demand curve for cheese fries. Indicate the portions of the demand that are elastic and inelastic. b. What is the cross elasticity of demand for cheese fries with respect to the price of beer at the optimal price and quantity? Is beer a substitute or complement to cheese fries? . Without knowing the cost of cheese fries, do you think $1.50 could be a profit maximizing price for cheese fries? How about $3.00