Suppose you own a hot dog stand and find that if you r… Show more a. Price elasticity of demand (6pts): Suppose you own a hot dog stand and find that if you raise the price of hot dogs from $3.00 to $3.20, the quantity demanded falls from 28,500 to 24,500. You must show work/brief explanation. i) Please calculate the price elasticity of demand (Ed) for hot dogs in this specific price range ($3.00 to $3.20). You must use the %u2018midpoint formula%u2019 we used in the text Please round your answer to the nearest hundreth (i.e. show at least two decimal points). ii) Based on your answer above, is the price elasticity of demand for hot dogs elastic, inelastic, or unit elastic?How do you know? iii) Please calculate the change in total revenue (TR) that would occur as a result of this price increase from $3 to $3.20. Be sure to indicate whether TR has increased or decreased in this scenario. You must show all of your work. b. Cross elasticity (4pts): Suppose that when the price of good X rises by 50%, the quantity of good Y demanded rises by 40%. i) calculate the cross elasticity between goods X and Y. ii) Determine whether good X and Y are substitutes or compliments.How do you know? • Show less