l'l" C. Complete the Total Revenue Column. Do you expect the Elasticity of Demand for gasoline to be elastic or inelastic? Explain your response. Compute the Elasticity of Demand when the price increases from $3.00 to $3.25. Show your work. Use the formula from class notes. . Compute the Elasticity of Demand when the price increases from $1.25 to $1.50. Show your work. Use the formula from class notes. Did you calculations support your answer to Question 2, B? Explain how time might influence price elasticity of demand? What happens to T0 /0 Type here to search cf' 7'43 PM 7/1 6/2021 E3 QUESTION 2. The following data (see table) for gasoline sales and prices in the United States are from the United States Department of Energy Price (dollars) Sales (gal/day millions) Total Revenue 3.50 330 (A) 3.25 340 (B) 3.00 350 (C) 2.75 360 (D) 2.50 370 (E) 2.25 380 (F) 2.00 390 (G) 1.75 400 (H) + 1.50 410 (1) 1.25 420 (J) 1.00 430 (K) 3 A. Complete the Total Revenue Column. B. Do you expect the Elasticity of Demand for gasoline to be elastic or inelastic? Explain your response. Type here to search O W W 68% 7:41 PM 7/16/2021