Please help I am lost !

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 $2.3812. After seeing your analysis, Cal decides to lower the price of gas to $2.739 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 $250 per day. What is the price elasticity of demand? Can the demand be characterized as price elastic, price inelastic, or neither? Hon By how much did revenues increase or decrease as a result of the change in price? Scr Answer question 2 below. End Quantity Price D Average Average X % change % change Elasticity of Demand Select Alt 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? Gallons Variable Cost (cost Fixed cost per Total Cost Daily Profit sold per Price Revenue (price x Cost per Gallon per unit x (Fixed + (revenue - all day gallons) day costs) volume) Variable) 3600 4400 3. After seeing the result (from question 2), Cal decided to lower his price once again to $2.729 per gallon. Once again, volume sol 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 a 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? Gallons Variable Total Cost Daily Profit sold per Price Revenue (price x gallons) Cost per Gallon Cost (cost Fixed cost per day (Fixed + (revenue - all day per unit x volume) Variable) costs) 4400 4800