A Children's toy store charges $15 for a new game set toy and sells 100 sets per week on average. They estimate that the price elasticity of demand for the toy is -1.5. Calculate the expected number of toys sold if they reduce the toy price to 512 and the change in sales revenue. a. What is the formula for calculating price elasticity of demand? Express the formula as PEOD (Price Elasticity of Demand = NB 14 points) b. Show here your calculation of "B" in the above formula (6 points) c. Show here your calculation of the expected number of toys sold if the price is reduced to $12 (8 points) d. Show here your calculation of change in sales revenue (5 points) e. Is this an elastic or inelastic demand? (1 point) Explain (1 point)