due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 percent. (1) is the price elasticity of demand for video games elastic, inelastic, or indeterminate? (explain with calculation) (2) is the price elasticity of supply for video games elastic, inelastic, or indeterminate? (explain with calculation)

a) The following information shows quantity demanded when prices of bread was changed from P3 to P4: Price 3 4 Quantity 600 400 i. Calculate price elasticity of demand.

(a)    Due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 ercent.                                                                                         Is the price elasticity of demand for video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible).  Is the price elasticity of supply of video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible).          (b)   Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more productive with better training, state whether the average fixed cost, average variable cost, average total cost, and marginal cost will rise or fall?      (c)    After one month of operation, OU Café determined to shorten its business hours and close on weekends. What costs, fixed or variable, should OU Café have considered when it made the de

Suppose that the price of a movie ticket changes 20 % and quantity demanded changes 49 %, With the given change in quantity demanded and price, what is the price elasticity of demand for movie ticket? (Enter a positive number) G