This is а file uplоаd questiоn. Pleаse hand-write yоur solution in a piece of paper, take a picture and upload your file (or send me through Canvas Inbox or at haruko.muratainouye@chaffey.edu) as soon as you submit your exam! Typed answers will not be accepted! Suppose that you sell ice-cream and the demand curve that you face in this market is shown in the graph below: Note that: P1 = $10 P2 = $8 Q1 = 150 Q2 = 200 Now answer the following: Calculate the price elasticity of demand (PED) for points A and B using the midpoint method learned in class. Show your work! Is the demand elastic or inelastic? Justify your answer! Calculate the Total Revenue (TR) for points A and B by showing your work. Given this demand curve, what you should do to increase your Total Revenue? Increase or decrease the price of the ice-cream? Explain!
This is а file uplоаd questiоn. Pleаse hand-write yоur solution in a piece of paper, take a picture and upload your file (or send me through Canvas Inbox or at haruko.muratainouye@chaffey.edu). Typed answers will not be accepted! Suppose a consumer has a choice between onions and apples. If Ponion = $2 and Papple = $3, and the consumer budget is $17, answer the following: Marginal Utility for onions and apples Units MUonion MU/Ponion MUapple MU/Papple 1 10 5 2 8 4 3 2 3 4 2 2 5 1 2 Complete the table above finding the marginal utility per dollar (MU/P) for both onion and apple. Make sure to show your work for at least one row! Find the utility maximizing choice for this consumer. Show your work to justify your answer! You won't receive credit if you only provide the final answer!