You and your group members were discussing some recent observations on your campus. Using the concepts of elasticityI how would you explain each of these situations: I. Textbook prices at the campus bookstore are 1D% to 15% more expensive than online retailers and publishers. Explain your answer. {3 p15} 1. The health and utes: department charges lower prices for basketball tickets to students than those to the genera] public. Explain your answer. (3,013) 3. A rise in the price of a coconut water lSIl'ml Can from $2 to $3 results in a fall in the quantity of coconut water demanded from 2213 million to 160 million a day; and at today's price of a walnut calte, $1 .511]. the quantity of wahiut cake demanded increase: from 30 million to lll million a day. Answer the following questions and explain fully your answer ['5 puts) Questions: i. Calculate the price elasticity of demand for coconut water {using percentage formula}. ii. Is the demand for coconut water elastic or inelastic? iii. Calculate the cross elasticity of demand for walnut cake with respect to the price of coconut water