An economist has estimated the demand equation of a certain product as Q=200−5P where P is the price unit and Q is the quantity demanded (in thousands) per year. 1. Using the demand equation Q−200−5P, calculate the own price elasticity when price is P−$30. Make sure to specify the formula used in your determination of the own-price elasticity. Is demand elastic, unit-elastic or inelastic at price P=$80 ? Will you raise or lower price to increase revenue? 2. Using the demand equation Q−200−5P, find the inverse demand equation and determine the consumer surplus (CS) when price is P=$80. 3. Determine the total consumer value (TCV) when price is P−$80