The demand equation for a product is q = 68 + In (28 p). (a) Determine the point elasticity of demand when p = 3 and classify the demand as elastic, inelastic, or of unit elasticity at this price level. (b) If the price is lowered by 2% (from $3.00 to $2.94), use the answer to part (a) to estimate the corresponding percentage change in quantity sold. (c) Will the changes in part (b) result in an increase or decrease in revenue? Explain.