c. What is the change in total revenue when the toll is decreased from $8 to $6? 8000 Incorrect

Calculate income elasticity of demand if as income rises by 10%, quantity demanded decreases by 35%. -350% 350% 100% O 250%

1. The table below shows the relationship between price, quantity and income. Price of A Qty Demand Qty Demand for A (units) for B (units) Qty Supply for A Income (RM) (RM) (units) 1.50 1500 20 1000 2500 3.50 1000 50 2000 3000 5.50 500 100 3000 3500 Calculate : (a) Price elasticity of demand for A when price change from RM1.50 to RM5.50. State the type of elasticity. (5 (b) Income elasticity of demand for B when income changes from RM3000 to RM3500. State the type of goods for B (c) Cross elasticity of demand for A and B when price of A changes from RM3.50 to RM1.50. State the relationship. (5 (d) Price elasticity of supply for A when price changes from RM1.50 to RM5.50

PRICE (Dollars per unit) 350 225 175 50 0 12 +--- Region Between X and Y Between W and X Between Y and Z Z True False 42 54 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elas elastic, or inelastic. 84 W Demand - Elastic Inelastic Unit Elastic True or False: The slope of the demand curve is equal to the value of the price elasticity of demand.