[Expert Solution]: In a supermarket, customers can often find…

In a supermarket, customers can often find many different brands and types of carbonated soft drinks. 2 of the most popular brands are Cope and Pepci. Answer the following questions: Brian and Lewis are both brothers and love drinking Cope and Pepci. Brian just graduated from university and has started his dream job as a nurse. Lewis is still in high school and only receive a small amount of allowance per week. Brian’s price elasticity for Cope is elastic as compared to Lewis. Type L for Less, M for More or E for Equally. Supermarkets sometimes change the prices of their goods to find out the price elasticity of their customers. When a can of Cope is sold for $1.59, it is observed that Supermarket C can sell 4950 cans of Cope within a day. When the price increases to $3.45 for a can of Cope, Supermarket C can only sell 2240 cans of Cope within a day. Calculate the price elasticity of demand using the mid-point formula? . Answer to the nearest two decimal places. Considering your findings in part b, should Supermarket C increase the price for a can of Cope to increase revenue? . Type Y for Yes, N for No, or U for Unknown.