Thanks! Pls solve this problem, I can't understand this problem.

Question 1 (5 points): Suppose that you are currently charging a price of $30. You know that at your current price, income elasticity is equal to 1.5 and price elasticity equals -2. If you see a 25% decrease in income, calculate the price change required to maintain your current sales level. Note: you must fully derive all the steps of your calculations including that %ChangeQ=ep*%changeP+ el*%changel (must proof this result! It is a challenge!) Applying formulas will NOT give you full credit for the question. Make sure you also interpret your results. Question 2 (5 points): Suppose that you have estimated the following demand curve: Q=200-5*P+0.1*| where I represents income and P is price. Suppose that the average income is equal to $30,000. If you were a revenue maximizing firm, would it be optimal to charge a price of $50? Justify your answer without solving the OPTIMIZATION PROBLEM. Question 3 (5 points): Suppose that you operate an amusement park. You have the following demands for your rides. If you could set different ride prices for adults and children, what would you charge? Interpret and comment the results you got. Show all your calculations and make sure that you set the problem the park operator must solve to set up those prices