An 20% increase in the price of Altair chariot will cause the quantity demanded to fall by 60% true or false and why? In increase in Gondwanaland consumers income will cause prices to rise but the total quantity demanded will also increase.. true or false and why?

LG Copy 9 Replace iste Format Painter BIU- abx XA DA - E 1 No Spac... Heading 7 Subtle Em... Emphasis Intense E... Dictate Select ~ Clipboard Font Paragraph Styles Editing Voice b. Complete the table below by calculating what the monthly average total revenue is for year 107, what the monthly average total revenue is for year 108, and the change in average total monthly revenue for these two years. How have these numbers changed? (4 points) Year Monthly barrels of Price per Change in Monthly average (WBCE) gosum berries barrel average total total revenue demanded monthly revenue 107 700 $70 49000 70 108 600 $84 50400 84 (enter text (enter text here) (enter text (enter text here) (enter text here) here ) here ) c. Using your answer to part a. above, how could you have predicted the change in total monthly revenue that you found in part b. above? (6 points) 3. The Gondwanaland Chairman of Production reported that the new Altair chariots (most modern, horse drawn family chariot) had a PRICE elasticity of 3 and an INCOME elasticity of 2. The supply of these Altair chariots is elastic, Evaluate the following statements and explain why you think they are true, or false. A 200/ incronen in the price of the Altair chariot will moues the sunstitu demanded to fall hu