Consider a firm that manufactures a wide range of dairy products. This firm has estimated demand and supply for one of its most popular products: sheep cheese. According to these estimates, we have: Qdy=3Py4Pc+0.01R+14 Qoy=2+2Py where Qdy is the quantity of sheep's cheese demanded, Py the price of sheep's cheese (expressed in $), Pc the price of ice cream (expressed in $), R the revenue (expressed in $) and Qoy the quantity supplied sheep's cheese. If Pc=$3 and R=$10,000, Calculate the price elasticity of demand when the price of sheep cheese is $20. Interpret your result.