Remember to show your work wherever possible. Credit may not be awarded if there is no work to support the answer. Please clearly label the final answer. Round answers to three (3) decimal places, unless noted otherwise. Upload your answers and corresponding scratch work as a single file to Canvas. You are not to receive any help on the exam. 1. The demand function for beer is given below where p is the retail price and D(p) is the demand in gallons per capita. (Source: Journal of consumer Research). D(p)=7.881p0.112 (a) (10 points) Find the elasticity function, E(p) for the demand of beer (b) (5 points) Suppose beer is being sold for $10 a case. At this price is the demand for beer elastic, inelastic, or unit-elastic. Show your work to receive credit. (c) (10 points) Using your results from the previous part, explain what would happen to demand if there is a new tax on beer that will increase the price. Also, explain what would happen to revenues if taxes increase the price of beer