Suppose that the demand for insulated water bottles in Charlotte can be expressed by the following equation (where w=1 if it's December/January/February and is zero otherwise and s=1 if it's June/July/August and is zero otherwise): qd = 500*(140 - 2p - 40w + 80s + 10pbottled water) qd/p = -1,000 1.1 Explain, briefly, the intuition behind the sign of each coefficient in the demand equation (e.g., why does demand increase as the price of bottle water increases?) Suppose you believe the price of bottled water is $2 and the price of an insulated water bottle is $40. 1.2 What is the price elasticity of demand during spring and fall? Would raising or lowering the price increase revenue for those selling insulated water bottles? Why? 1.3 What is the price elasticity of demand during the summer? Would raising or lowering the price increase revenue for those selling insulated water bottles? Why? 1.4 What is the price elasticity of demand during the winter? Would raising or lowering the price increase revenue for those selling insulated water bottles? Why?