5. You are employed as an economic consultant to the regional planning office of a large metropolitan area, and your task is to estimate the demand for hospital services in the area. Your estimates indicate that the own-price elasticity of demand equals 0.25, the income elasticity of demand equals 0.45, the cross-price elasticity demand for hospital services with respect to the price of nursing home services equals 0.1, and the elasticity of travel time equals -0.37. Use this information to project the impact of the following changes on the demand for hospital services. Show your work. (15 points) (Note: You need to say how quantity of hospital services changes i.e. increases or decreases. Further you have to also give actual numerical values of the changes which can be calculated given the elasticity estimates. For example, your answer should be like \"the demand for hospital service will increase by 30% due to .....\") (i) Average travel time to the hospital diminishes by 5 percent clue to overall improvement in the public transportation system. (ii) The price of nursing home care decreases by 10 percent. (iii) The hospital is forced to increase its price for service by 2 percent