Examine the graphs below showing demand curves with various price elasticities of demand, and answer the questions that follow. DO NOT redraw the graphs. 10% P P1 0 Q1 Q2 30% Graph A DA Q 40% P2 P1 0 Q1 Q2 20% Graph B Q 40% P2 P1 0 Q1 Q2 40% Graph C 1. Calculate the price elasticity of demand for each of the graphs. (3 marks) 2. Classify each of the coefficients in terms of their price elasticity. (3 marks) Dc 4. Which demand curve offers the greatest advantage to the producer when the price is decreased? Explain why this is so in terms of total revenue. (2 marks) Q 3. Which demand curve offers the greatest advantage to the producer when the price is increased? Explain why this is so in terms of total revenue. (2 marks)