Could someone please assist me with the question attached? Thank you so much!

Profit Maximization Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is volatile and varies greatly from day to day. The price per gallon varies based on the seasonal blend of gasoline, which is Base price of unleaded regular delivered in New York harbor (April 8, 2019) $2.008 determined by clean-air requirements, Cal's pricing options are based on the desired profit margin. Added cost to Cal: Conventional Gasoline Regular Spot Prices can be found at Maryland state gasoline tax (Effective July 1, 2018) $0.353 https://www.eia.gov/dnav/pet/hist/EER_EPMRU_PF4_Y35NY_DPGD.htm. Federal gasoline tax $0.184 Distribution & Delivery $0.042 Cal recently raised the price of regular gas by 1 cent per gallon from $2.749 to $2.759, and his profit declined. Cal Advertising and Marketing to ExxonMobil $0.042 would like you to explain why that happened. Additives $0.020 Total additions $0.641 Cal competes with another gas station accross the street that typically sells regular gas for 2 to 3 cents per gallon less than his station. They are currently selling gasoline for $2.729 per gallon. Recently, regular gasoline for delivery in Total cost per gallon $2.649 New York harbor sold for $2.008 per gallon. Cal tells you that his gas station has fixed operating costs of about $250 per day. To the right are the components that determine the cost of a gallon of regular gasoline to Cal's business. Answer the seven questions below. You are required to use Excel for all calculations. Answer question 1 below. 1. Last week, Cal sold an average of 4,000 gallons per day at an average price of $2.749 per gallon. This week, he Quantity Price raised the average price by 1 cent to $2.759 per gallon, and both revenues and profits dropped. His station is now 1000 selling an average of 3,600 gallons per day. Fixed costs of operating the gas station are $250 per day. 3600 Average Average What is the price elasticity of demand? 3800 Can the demand be characterized as price elastic, price inelastic, or neither? % change % change Elasticity of Demand 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.) Elasticity: By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? Variable Cost Total Cost (Fixed + Daily Profit Gallons sold per day Price Revenue (price x gallons) Cost per Gallon [cost per unit | Fixed cost per day (revenue - all x volume) Variable) costs 4000 2.749 S 10,996.00 $ 2.649 $ 10,596.00 $ 250.00 $ 10,846.00 $ 150.00 3600 S