The manager of the grocery store accidentally mismarked a shipment of 2-kg bags of charcoal at RM4.38 instead of the regular price of RM5.

a. The manager of the grocery store accidentally mismarked a shipment of 2-kg bags ofcharcoal at RM4.38 instead of the regular price of RM5.18. At the end of a week, thestore’s inventory of 200 bags of charcoal was completely sold out. The store normallysells an average of 150 bags per week.i) What is the store’s arc elasticity of demand for charcoal?[3 marks]ii) Give an economic interpretation of the numerical value obtained in part (i).[4 marks]