R and B Railroad decided to reduce their fares to see if it would help their business. They

reduced their ticket prices by $25$ per cent from the current $$30$; and their revenues

increased from $$325,000$ per month to $$332,000$ on average.

i$.$ What was the quantity demanded before and after the price change;

ii$.$ What is the percentage change in quantity demanded?

iii. Compute and interpret the price elasticity of demand.

iv$.$ Was the deduction of price a success or a failure? Give reasons.