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1. Calculate 3 different elasticities at 3 different points on demand curve: P = 6-1/2Q P1 = 4, P2 = 3, P3 = 1 2.

1. Calculate 3 different elasticities at 3 different points on demand curve: P = 6-1/2Q

P1 = 4, P2 = 3, P3 = 1

2. Utilizing table below. Find optimal bundle if price of coffee changes from $4 to $3 (P'c = 3) while the price of a Tea (Pr) remains the same at $2 and money (M) remains unchanged at $24

Table of Preferances Tea V ( T) coffee V (C) 24 36 N 40 68 W 52 96 6 2 4 11 6 5 71 135 79 153

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