2.1 Examine the concept of elasticity of demand? (1 mark) 2.2 Find out the total revenue (impact of total revenue), in the following situations: (2 marks) (a) When demand is elastic: (b) When demand is inelastic: (c)When demand is unitary elastic: 2.2 Examine the concept of cross price elasticity of demand. (give example) (1 mark) 2.3 Consider a situation where it is estimated that the cross-price elasticity of demand between two goods such as food and clothing is -0.16. If the price of food is projected to increase by 12 percent, find out by how much demand for clothing will change? (2 marks) 2.4 (a) Determine the income elasticity of demand. Briefly discuss with example. (1 mark) (b) Suppose that the income elasticity of demand for transportation is estimated to be 1.50. If income is projected to decrease by 17 percent. Find out the impact on the demand for transportation? (1 mark) (c) It is estimated that the benefit and cost structure of a firm is: (0)-2800-3Q 2 (0-02 Find the (Q) and (0) functions Find out the value of that makes (Q) zero? (1 mark) (d) Suppose a restaurant earns $4,000 per week in revenues from hamburger sales (X) and $2,000 per week from soda sales (Y). If the own price elasticity for burgers is E_Q_X.P_X)-1.5 and the cross-price elasticity of demand between sodas and hamburgers is E_Q_Y.P_X)--4.0, what would happen to the firm's total revenues if it reduced the price of hamburgers by 1 percent? (1 mark)