The demand for pumpkins in Halloweenstan is given by: QD = 60 - 2P 1: Compute the price elasticity of demand first when the quantity of pumpkins demanded is Q1 = 20, and then when the quantity demanded is Q2 = 5. 2: Is demand inelastic or elastic at each point (that is, at Q1 = 20 and at Q2 = 5)? 3: What is the total revenue at Q1 = 20 and then at Q2 = 5, respectively? 4: Is the total revenue maximised at either Q1 = 20 or Q2 = 5? Why?