The table below shows the number of ice cream bars consumed each day at a variety of prices. Price ($/bar) Quantity (bars/day) 6 0 5 60 4 120 3 180 2 240 1 300 0 360 a. Graph the daily demand curve for ice cream bars. b. Suppose the price of ice cream bars is $2 each. i. Calculate the price elasticity of demand for ice cream bars. Is the demand elastic, inelastic, or unit elastic at this price? ii. If the price of ice cream bars increases from $2 each to $3 each, what will happen to the total expenditure of ice cream bars? Use what you know about the elasticity of demand to explain. c. Suppose the price of ice cream bars is $4 each. i. Calculate the price elasticity of demand for ice cream bars. Is the demand elastic, inelastic, or unit elastic at this price? ii. If the price of ice cream bars increases from $4 each to $5 each, what would happen to the total expenditure of ice cream bars? Use what you know about elasticity of demand to explain. step by step