please help with question #2. I am attaching answers from question 1 to assist with the question. Please lay out question 2 in table format. please use % change in quantity divided by % change in price formula for answer. Thank you for your help.

D H. 40 2. After seeing your analysis, Cal decides to lower the price of gas to $2.739 per gallon. After this change, the volume sold increased to 4,400 gallons per day. He asks you to measure his business gains or losses as a result of this price change. Fixed costs are $250 per day. 41 42 43 44 45 What is the price elasticity of demand? 46 Can the demand be characterized as price elastic, price inelastic, or neither? 47 By how much did revenues increase or decrease as a result of the change in price? 48 By how much did profits increase or decline? (Profits are revenue minus all costs.) 49 50 51 52 53 54 55 Ans 56 3. After seeing the result (from question 2), Cal decided to lower his price once again to $2.729 per gallon. He is worried that any further Qu 57 H34 fx Styles 40 Answer question 2 below. Quantity R. 41 Price 42 43 44 Average 45 Average 46 % change % change Elasticity of Demand 47 48 49 Elasticity: Select One 50 By how much did revenues increase or decrease as a result of the change in price? 51 By how much did profits increase or decline? 52 Variable Daily Profit (revenue - all costs) Total Cost Fixed cost per Gallons Cost (cost (Fixed + Variable) Revenue (price x Cost per Gallon day sold per Price per unit x gallons) volume) day 53 3600 54 4400 55 56 57 Answer question 3 below. Quantity Price 58 59 60 ... 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 raised the average price by 1 cent to $2.759 per gallon, and both revenues and profits dropped. His station is now selling an average of 3,600 gallons per day. Fixed costs of operating the gas station are $250 per day. What is the price elasticity of demand? Can the demand be characterized as price elastic, price inelastic, or neither? 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.) B Answer question 1 below. Quantity Price 4000 2.749 3600 2,759 Average Average 3800 2.754 % change % change -10.000% Elasticity of Demand -27.548 30 0.363% 31 32 Elasticity: 33 By how much did revenues increase or decrease as a result of the change in price? 34 By how much did profits increase or decline? Price Elastic 1,063.60 111.20 35 Daily Profit (revenue - all Variable Cost Total Cost (Fixed Fixed cost per Gallons (cost per unit x Cost per Gallon Revenue (price x gallons) Price + Variable) day sold per day 36 costs) volume) 9,524.00 $ 8,571.60 S 9,774.00 $ 8,822.00 $ 250.00 $ 1,222.00 10,996.00 $ 9,932.40 $ 2.381 $ 2.749 $ 4000 37 1,110.80 250.00 S 2.381S 2$ 2.759 $ 3600 38 39 40 Answer question 2 below. 41 Quantity Price 2.759 3600 42 2.739 43 4400 Average Average 44