Solve the following problem graphically: 
Definitions:
Price Elasticity
Quantifying the relationship between price changes and demand response for a product.
Total Expenditures
The sum amount of spending on goods and services by individuals, businesses, or the government within a specific period.
Flash Floods
Rapid flooding of geomorphologic low-lying areas, caused by heavy rain or other sudden water release.
Total Expenditures
The sum amount of all spending or expenses incurred by an individual or entity within a specific period.
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