Hello, I have an ag economics question. At the moment, I answered the parts however I could, but I would love your input on the problem. I have provided an image of the question. 1. = -1.2295

2. For every 1% change in the own price, quantity demanded will change by 1.2295

3. Inelastic

4. Consumer expenditure will increase

Am I right????

The price of oranges has increased from $1.4900 to $32900 per pound. At the same time, quantity demanded of oranges has declined from 275,862,3210000 to 101,258,9630000 pounds. 1. Calculate the appropriate elasticity. 2. Interpret the elasticity. 3. Classify demand for oranges. 4. What has happened to consumer expenditures on oranges? All final answers must have four decimal places