Please demonstrate how to solve these problems for my assignment. Thank you.

A2 Reminder: You may not submit handwritten work in this course. You need to type all of your work into a .doc or .docx file and submit that file. Use the following information to answer questions 1 through 4. When the price is $5.00, the quantity demanded is 16. When the price is $7.00, the quantity demanded is 14. 1. Calculate the price elasticity of demand. You must use the midpoint formula shown in your text or in the examples on Blackboard. You need to show all your work to earn credit. 2. Given the elasticity of demand, a 10% increase in price will cause quantity demanded to fall by what percentage? Explain your answer. 3. Is this demand elastic or inelastic? Explain your answer. 4. What is assumed about consumer income when you measure the price elasticity of demand? 5. Walmart advertises that it has rolled back prices. If Walmart is rolling back prices to raise revenues, should it roll back prices on products that have a price elasticity of demand that is elastic or inelastic? Explain your