. Calculate the elasticity of Demand (Ed) or Supply (Es) co-efcient for each of the following situations and indicate if the demand is elastic, unitary or inelastic { 2 Marks each) a. The price of movie tickets decreases from 5 10.00 to S 9.00. The quantity purchased increases from 1000 to 1200. b. The price of shoes is reduced from 5 30.00 to $ 64.00. The quantity produced decreases from 40,000 to 20,000. . Potato chips are found to have an Elasticity of Demand co-efcient of 2.0, the price per bag is S 1.50 and current consumption is 3000 bagslweek. a. If the price decreases to S 1.20? (2 Marks) b. If the price was increased to S 1.65? (2 Marks) . Draw a fully labeled diagram that illustrates the "Recessionary Cycle\" (4 Marks) 5. The following table the production possibilities for a plant producing large and small diesel engines: Option Large Engines Small Engines A 0 50 1 45 C 2 37 D 3 25 m 4 10 F 5 0 What is the opportunity cost of producing? a. The first large engine? (1 Mark) b. The second large engine? (1 Marks) c. What economic "law" is illustrated in the above table? (1 Mark)