1) Assume the demand for t-shirts sold by SUs Economics Club is:The club is cons

1) Assume the demand for t-shirts sold by SUs Economics Club is:The club is considering a price of $12 per shirt for its sale this year. The T-shirts are donated to theclub by faculty members of the economics department so the club pays nothing for the shirts itsells. The club wants only to maximize the revenue it raises for club activities each year. The clubspresident claims that if the price of each shirt were set higher than $12 the club would make moremoney on each shirt sold. As an economist well-grounded in market demand elasticity andrevenue relationships you have been called upon to lend your knowledge and insight into theEconomics Clubs deliberations.a. Without making any revenue calculations would you support the presidents suggestion tocharge more than $12 per shirt? Why or why not. Please explain your answer in full.b.c.1What price would you recommend without making any revenue calculations?Now support your price recommendation by making the appropriate revenue calculations.