If the price of almond increases from $6.50 to $8 per pound and the quantity demanded of almond decreases from 12 million per month to 10 million per month. 1. (3 points) Using the midpoint method, what is the price elasticity of demand for almond? Show mathematical work, and round your answer to two decimal places. 2. (2 points) Is the demand for almond elastic or inelastic? Explain in terms of price elasticity. 3. (2 points) The price of almond has increased. Will total revenue increase or decrease due to the price changes? Explain in terms of the price elasticity and prove it with math work