Problem 3. A jeweler currently sells Rolex watches for $6000 each and, at this price, sells 56 watches every year. The jeweler estimates that for each $500 increase in price she'll sell 15 fewer watches. (a) Estimate the elasticity of demand. (b) if the jeweler raises the price by a small amount, will her revenue from the sale of watches increase or decrease? By approximately how much will it change if she raises the price by $100? (0) Suppose the jeweler buys the watches for $4500 each. Estimate how much her costs will change when the price is raised by $100. ((1) By how much will the jeweler's prot from the sale of Rolex watches change, if she raises the price by $100