Due to a coffee glut, the price per pound of coffee fell: 2018 Price per pound $8.00 Quantity demanded (pounds) 4.0 million pounds 2019 $7.00 4.7 million pounds a. Calculate the price elasticity of demand for coffee, using both the midpoint method and the standard method. b. Assume the price and quantity demanded return to 2018 levels in 2020. Calculate the price elasticity of demand for coffee, using both the midpoint method and the standard method. c. Did spending on coffee increase or decrease from 2018 to 2019? Would spending on coffee increase or decrease from 2019 to 2020 if the price returns to 2018 levels? Comment on how the change in spending relates to the elasticities you calculated in the previous parts.