Suppose the European Union (EU) was investigated and proposed a merger between two of the largest distillers of premium Scotch liquor. ity of demand for Scotch liquor is −1.2 and that it costs $14.90 to produce and distribute each liter of Scotch. Based only on these data, provide quantitative estimates of the likely pre- and post merger prices in the wholesale market for premium Scotch liquor.Instructions: Do not round intermediate calculations. Enter your final responses rounded to the nearest penny (two decimal places).Pre-merger price: Post-merger price: $