A gasoline station very near a professional football stadium, parks cars on its lot to make money on game days. Last year it charged $8.00 per car and parked 1000 cars. This year it raised the parking price to $10.00 and parked 850 cars. Did the station owner make a good economic decision in raising the parking prices from one year to the next? Explain using price elasticity of demand. (3 decimals- show work)

Based on your analysis next year the owner of the station wants to raise the price to $12 and accepts to park only 706 cars. Is this a good plan, again use price elasticity of demand to explain your answer - 3 decimals and show work.