Please answer question 3 and show formulas for excel cells!!!!!

Cal Overhaut operates an ExxonMobil gas station franchise in Fitzhugh, MD. The price of gasoline is volatile and varies significantly from day to day. The price per gallon varies based on the seasonal blend of gasoline, which is determined by clean-air requirements. Cal's pricing options are based on the desired profit margin. Conventional Gasoline Regular Spot Prices can be found at https://www.eia.gov/dnav/pet/hist/EER_EPMRU_PF4_Y35NY_DPGD.htm. Cal recently raised the price of regular gas by 1 cent per gallon from $2.749 to $2.759, and his profit declined. Cal would like you to explain why that happened. Cal competes with another gas station across the street that typically sells regular gas for 2 to 3 cents per gallon less than his station. They are currently selling gasoline for $2.729 per gallon. Recently, regular gasoline for delivery in New York harbor sold for $1.740 per gallon. Cal tells you that his gas station has fixed operating costs of about $250 per day. To the right are the components that determine the cost of a gallon of regular gasoline to Cal's business. Answer the seven questions below. You are required to use Excel for all calculations. Base price of unleaded regular delivered in New York harbor (October 21, 2019) $1.740 Added cost to Cal: Maryland state gasoline tax (Effective July 1, 2018) $0.353 Federal gasoline tax $0.184 Distribution & Delivery $0.042 Advertising and Marketing to ExxonMobil $0.042 Additives $0.020 Total additions $0.641 tal cost per gallon $2.3813. After seeing the result (from question 2), Cal decided to lower his price once again to $2.729 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 its 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? (Profits are revenue minus all costs.) Answer question 3 below. Quantity Price Average Average % change % change Elasticity of Demand Select Elasticity: One By how much did revenues increase or decrease as a result of the change in price? By how much did profits increase or decline? Variable Gallons Total Cost sold per Revenue (price x Cost per Gallon Fixed cost per Daily Profit Price Cost (cost per unit x day (Fixed + (revenue - all day gallons) costs) volume) Variable) 4400 4800