Question 1: You and your group members were discussing some recent observations on your campus. Using the concepts of elasticity, how would you explain each of these situations: a. Textbook prices at the campus bookstore are 10% to 15% more expensive than online retailers and publishers. Explain your answer. b. The health and tness department charges lower prices for basketball tickets to students than those to the general public. Explain your answer. 0. A rise in the price of a coconut water 150ml Can from $2 to $3 results in a fall in the quantity of coconut water demanded from 220 million to 160 million a day; and at today's price of a walnut cake, $1.50, the quantity of walnut cake demanded increases from 80 million to 100 million a day. Answer the following questions and explain fully your answer: - Calculate the price elasticity of demand for coconut water (using percentage formula). Is the demand for coconut water elastic or inelastic? - Calculate the cross elasticity of demand for walnut cake with respect to the price of coconut water