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Assume the price of apples increases from $20 to $25 and quantity demanded falls from 10 to 5 tons. Type in your answers at the end of each problem. 1. Use the total revenue test to determine if the demand is relatively elastic or relatively inelastic. 2. Calculate the elasticity of demand coefficient. 3. Calculate the elasticity of supply if the change in price caused the quantity supplied to increase from 10 to 25 tons. 4. Explain why the total revenue test cannot be used to determine elasticity of supply. 5. Assume the increase in the price of apples decreased the quantity demanded of vanilla ice cream. Identify if these two products are substitutes or complements. 6. Assume the increase in the price of apples increased the quantity demanded of peaches from 20 tons to 30 tons. Calculate the cross-price elasticity of demand. 7. Assume instead that a 10% increase in income caused the quantity demanded of apples to decrease from 10 to 8 tons. Calculate the income elasticity of demand.
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