Based on the attached, please assist. I am having a lot of trouble.

Cal decides to lower the price of gas from $2.758 to $2.558 per gallon. After this change, the volume sold increased to 4,400 gallons per day. He asks you to measure his business gains or losses as a result of this price change. Fixed costs are $438 per day.

What is the price elasticity of demand?

Can the demand be characterized as price elastic, price inelastic, or neither?

By how much did revenues increase or decrease as a result of the change in price?

By how much did profits increase or decline? (Profit is revenue minus total cost.)

Cal decides to lower his price once again from $2.558 to $2.458 per gallon. Once again, volume sold increases and settles at 4,800 gallons per day. He is worried that any further price cut will cause the discount station across the street to also lower it price.

What is the price elasticity of demand?

Can the demand be characterized as price elastic, price inelastic, or neither?

By how much did revenues increase or decrease as a result of the change in price?

By how much did profits increase or decline? (Profit is revenue minus total cost.)

R Answer question 2 below. 2. After seeing your analysis, Cal decides to lower the price of gas from $2.758 to $2.558 per gallon. Quantity Price After this change, the volume sold increased to 4,400 gallons per day. He asks you to measure his 3600 2.758 business gains or losses as a result of this price change. Fixed costs are $438 per day. 4400 2.558 Average Average What is the price elasticity of demand? Can the demand be characterized as price elastic, price inelastic, or neither? % change % change Elasticity of Demand By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? (Profit is revenue minus total cost.) Elasticity: By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? Gallons Variable Cost Total Cost Daily Profit sold per Price Revenue (price x Cost per Gallon Fixed cost per day gallons) (cost per unit x ! volume) day ( Fixed + (revenue - all Variable) costs 3600 4400 3. After seeing the result (from question 2), Cal decides to lower his price once again from $2.558 to Answer question 3 below. $2.458 per gallon. Once again, volume sold increases and settles at 4,800 gallons per day. He is worried Quantity Price that any further price cut will cause the discount station across the street to also lower it price. 4400 2.558 4800 2.458 What is the price elasticity of demand? Average Average Can the demand be characterized as price elastic, price inelastic, or neither? By how much did revenues increase or decrease as a result of the change in price? % change % change Elasticity of Demand By how much did profits increase or decline? (Profit is revenue minus total cost.) Elasticity: By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? Gallons Variable Cost Fixed cost per Total Cost Daily Profit sold per Price Revenue (price x gallons) Cost per Gallon ( cost per unit x (Fixed + (revenue - all day volume day Variable) costs 4400 4800 Sheet1 (+