Suppose that there is a shock to the natural gas market such as war breaking out in a producing region. As a result, the price of residential electricity in Chandler, AZ increases from $0.10 per kWh in February to $0.12 per kWh in March. In the month after the price change, the quantity of electricity sold (in kWh) decreased from 250,000,000 kWh to 240,000,000. i)What is the elasticity of demand at this time scale? ii)Is demand elastic or inelastic? iii)If prices stay the same for several months, do you expect the change in consumption from the first few days to increase, decrease, or stay the same? Briefly explain your reasoning.