Problem 3: Action Haulers and Fast Freight are two competing firms in the large regional market for overland trucking services. For the past year, the two firms have charged $120 per ton, and each has been hauling about 2,000 tons per week. Last month, Action reduced its price by 10% to $108 per ton and its volume increased to 2,200 tons per week. During that month, Fast Freight maintained its price at $120 but saw its volume decline to 1,900 tons per week. Show work. a. What is the price elasticity of demand facing Action? b. What is Fast Freight's cross-price elasticity of demand for Action price changes? c. If the own-price elasticity of demand for Fast Freight is the same as that for Action, what price reduction for Fast Freight would be required to increase its monthly volume back to 2,000 tons per month