4) (10 points) If you haven 't worked with elasticities before and the problem in class was a challenge, consider the following problem. In particular, you want to calculate what the price elasticity of demand and see if this proposed tax will generate the amount of revenue estimated for the state. You have the following information Old Tax: $0.23 New Tax: $0.5? Based on previous studies, you have the following information about quantity demanded under each tax rate: Quantity demanded with old tax: 501200 Quantity demanded under new tax: 500856 A. Calculate the price elasticity of demand as well as the tax revenue under the old tax and new tax. Remember that revenue is calculated as price*quantity (tax*quantity demanded). For simplicity, round all answers to 3 decimals. B. Is this demand elastic, inelastic, or unit elastic