This is a problem you might deal with in REAL LIFE... And a variation of a theme of a PROBLEM that you WILL DEAL WITH on the FINAL EXAM. So please work hard on solving this problem and understanding the mechanics. It will also assist you in completing your Discussion for the week. Here's the problem: You are the manager of a small nine-hole public golf course. Your course has an average of 400 rounds per day at an average price per round of $20. You hired a consultant and on the basis of a survey, it has been suggested that if the average price per round is reduced to $18 that the number of daily rounds [quantity demanded] would increase to 450 rounds per day. This seems exciting so you determine to take this data and analyze it a bit... a. First you decide you need to compute the price elasticity of demand between these two points to determine if elasticity of demand is elastic or inelastic based on this data. Please provide the coefficient and the type of demand. b. Would you expect total revenues to rise or fall? Explain, provide your calculation. c. Assume you reduced the average price of a round to $18 and are now considering a further reduction to $16 per round. Another survey shows that the quantity demanded of rounds will increase by an additional 50 rounds from 450 to 500 per day. Compute the price elasticity of demand between these two points. d. Would you expect total revenue to rise or fall as a result of this second price reduction? Explain. e. Compute total revenue at the three different prices per round. Do these totals confirm your answers in (b) and (d) above? You may enter your work as text or upload a worksheet.