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4. The price of burgers increased from $4 to $4.40 and the quantity supplied increased from 50 to 60 units. Calculate the price elasticity of
4. The price of burgers increased from $4 to $4.40 and the quantity supplied increased from 50 to 60 units. Calculate the price elasticity of the supply coefficient. Show your work. 5. Given the information in question #4, is the supply of burgers perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectly inelastic? Explain how you determined your answer. 6. Suppose that the price of burgers decreased from $4.00 to $3.00 and the quantity demanded of pizza decreased by 50%. Calculate the cross-price elasticity of demand coefficient between burgers and pizza. Show your work. 7. Given your answer to question #6, are burgers and pizza complements, substitutes, normal goods, or inferior goods? Explain how you determined your answer. 8. If the demand for pizza is relatively inelastic, will an increase in the price of pizza cause the total revenue for pizza restaurants to increase, decrease, or stay the same. Explain
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