can you please explain how to solve these questions?

Font Alignment Number _xt80x 1 Answer Question 2 below. 2. After seeing your analysis, Cal decides to lower the price of gas to $2.739 per gallon. After this change, the volume sold increased to 4,400 gallons per day. He asks you to measure his business gains or losses as a result of this price change. Fixed costs are $250 per day. What is the price elasticity of demand? Can the demand be characterized as price elastic, price inelastic, or neither? By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? (Profits are revenue minus all costs.) 3. After seeing the result (from Question 2), Cal decides to lower his price once again to $2.729 per gallon. Once again, volume sold increases and settles at 4,800 gallons per day. He is worried that any further price cut will cause the discount station across the street to also lower its price. What is the price elasticity of demand? Can the demand be characterized as price elastic, price inelastic, or neither? By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? (Profits are revenue minus all costs.) Quantity Average % change Price Average % change Elasticity of Demand Elasticity: Select One By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? Gallons sold per Price Revenue (price x gallons) Variable Cost (cost Fixed cost per Cost per Gallon per unit x volume) Total Cost (Fixed + Variable) Daily Profit (revenue- all costs) Answer Question 3 below. Quantity Average % change Price Average % change Elasticity of Demand Elasticity: Select One nemand Graph Profit Maximization