Suppose you own a propane tank company, appropriately named “MPA Inc.” (MPA = ‘Master of Propane Administration’) with fixed costs of $3,000/month and marginal costs of $25/tank. If the price is $60/tank, 5,000 tanks/mo. would be sold. If the price is $50/tank, 7,600 tanks/mo. would be sold. a.) (3) Use these figures to calculate the price elasticity of demand for your propane tanks. b.) (4) Calculate the monthly profits and profit margins (profit/revenue) associated with the price of $60/tank and $50/tank. c.) (4) Given these calculations, what price should you charge for your tanks, $50/tank or $60/tank? Explain.