B. Elasticity Analysis: Answer the following questions and show your solutions by illustrating a graph supporting your answer. Example: Pharmacies raise the price of insulin by 10%. Does total expenditure on insulin rise or fall? Answer: P The total expenditure on Insulin rise since the demand pz is in elastic and the gavin for Increase in price is higher Gain than the lost revenue due to lower Q. 15 D Q 1. Suppose that the price of tattered jeans is on sale. Does the total revenue on tattered jeans rise or fall? 2. The supply of ticket concert is elastic and suppose the preference of people in attending the concert increases. Does the price of ticket concert change the most? Or the Quantity? 3. Suppose that the price of education increases. Does the total expenditure for healthcare rise or fall? 4. The government implemented sin tax for cigarettes. Does the cases for teenage smoking decrease or increase