16. Suppose that the price of Kitaro bobble -head dolls increases from $ 14 to 5 16 and as result the quantity of the dolls sold drops from BOOB/per week to 5600/per week. >bius.cloudioontemmanager/AssignmentLismo 4i'6 r:42 Agincourt International AcademyIOntario International Institute - What is the value of total revenue before and after the price change? (Application: 1 Mark) What is the percentage change in Quantity demanded? (Application: 1 Mark) What is the percentage change in Price? (Application: 1 Mark) What is the price elasticity of demand? (Application: 1 Mark) Is the demand elasticity for this product elastic or inelastic? (Communication: 1 Mark) 99-957!\" 17. Suppose the household income in Kamloops fall from S 51, 000 to S 49, 000 and assuming that there is no change in the price of the product, quantity demanded for Baker Baked Beans rises from 98 to 102 per week. a. What is the income elasticity of demand for the beans? (Application: 2 Marks) b. What does this suggest about the nature of the product? (Application: 2 Marks) 18. Suppose that the price of Sharpe printer paper increases from $5 to $ 6 per package and at the same time the quantity of Excellent printer paper increases from 600 to 680 per week. a. What is the cross-price elasticity of demand between these two products? (Application: 2 Marks) b. Are the products substitutes or compliments? (Justify your answer) (Communication: 1 Mark) 19. Under what conditions will the sellers pay all of the excise tax placed on a particular product? (T hinking/Inquiry: 5 Marks)