Be sure to fully explain your answer. You may need to draw gra and expla phone. If you utilize any sources be sure to cite them to avoid losing points. (rush hour) Kitchen and Cable TV (basic rural Elasticity 0.12 0.12 0.15Goods and Services Elasticity of Price Housing 0.12 Transatlantic air travel (economy class) 0.12 Rail transit (rush hour) 0.15 Electricity 0.20 Taxi cabs 0.22 Gasoline 0.35 Transatlantic air travel (first class) 0.40 Wine 0.55 Beel 0.59 Transatlantic air travel (business class) 0.62 Kitchen and household appliances 0.63 Cable TV (basic rural) 0.69 Chicken 0.64 Soft drinks 0.70 Beer 0.80 New vehicle 0.87 Rail transit (off-peak) 1.00 Computer 1.44 Cable TV (basic urban) 1.51 Cable TV (premium) 1.77 Restaurant meals 2.27 1. Based on the table above, which goods and services are elastic? What factors lead these goods and services to be elastic? 2. Based on the table above, which goods and services are inelastic? What factors lead these goods and services to be inelastic? 3. If the price of gas rises from $3 to $4, how much will the quantity increase or decrease by? (You can answer this question as a percentage or number.)