Can you please help review my assignment answers to ensure they're correct?

1. Data for the market for bottled water is shown in the following table.

Price ($ Per Widget)	Quantity Demanded	Original Quantity Supplied	New Quantity Supplied
1.00	300	60	84
1.50	270	90	126
2.00	240	120	168
2.50	210	150	210
3.00	180	180	252
3.50	150	210	294
4.00	120	240	336

1. Bottled water producers have adopted a new technology permitting quantity supplied to increase by 40%. Fill in the new quantity supplied in the last column.(2 marks)
2. State the equilibrium price and quantity before the adoption of the new technology.(2 marks)

Equilibrium Price = $3.00

Equilibrium Quantity = 180

1. State the equilibrium price and quantity after the adoption of the new technology.(2 marks)
2. Equilibrium Price = $2.50
3. Equilibrium Quantity = 210

1. The following table shows market data for toasters.

Price ($ / Unit)	Quantity Demanded	Total Revenue ($)	Price Elasticity of Demand
60	1	$60	-
55	2	$110	-7.67
50	3	$150	-4.20
45	4	$180	-2.72
40	5	$200	-1.88
35	6	$210	-1.37
30	7	$210	-1.00
25	8	$200	-0.73
20	9	$180	-0.53

1. Fill in the total revenue column.(3.5 marks)
2. Calculate the price elasticity of demand for each price change (use the mid-point formula, round off the final calculation to 2 decimals, and show all your work).(3.5 marks)
3. Price Elasticity of Demand = [(NQD - IQD) / ((NQD + IQD) / 2)] / [NP - IP) / ((IP + NP) / 2)]

Initial Price = $60 | New Price = $55

Initial Quantity Demanded = 1 | New Quantity Demanded = 2

PED = [(2-1) / (2+1) / 2)] / [($55 - $60) / ($60 + $55) / 2)]

[(1) / (1.5) / (-$5) / ($57.5)]

(0.6667) / (-0.0869)

-7.67

Initial Price = $55 | New Price = $50

Initial Quantity Demanded = 2 | New Quantity Demanded = 3

PED = [(3-2) / (3+2) / 2)] / [($50 - $55) / ($55 + $50) / 2)]

[(1) / (2.5) / (-$5) / ($52.5)]

(0.4) / (-0.0952)

-4.20

Initial Price = $50 | New Price = $45

Initial Quantity Demanded = 3 | New Quantity Demanded = 4

PED = [(4-3) / (4+3) / 2)] / [($45 - $50) / ($50 + $45) / 2)]

[(1) / (3.5) / (-$5) / ($47.5)]

(0.286) / (-0.105)

-2.72

Initial Price = $45 | New Price = $40

Initial Quantity Demanded = 4 | New Quantity Demanded = 5

PED = [(4-5) / (5+4) / 2)] / [($40 - $45) / ($45 + $40) / 2)]

[(1) / (4.5) / (-$5) / ($42.5)]

(0.222) / (-0.118)

-1.88

Initial Price = $40 | New Price = $35

Initial Quantity Demanded = 5 | New Quantity Demanded = 6

PED = [(5-6) / (6+5) / 2)] / [($35 - $40) / ($40 + $35) / 2)]

[(1) / (5.5) / (-$5) / ($37.5)]

(0.182) / (-0.133)

-1.37

Initial Price = $35 | New Price = $30

Initial Quantity Demanded = 6 | New Quantity Demanded = 7

PED = [(6-7) / (7+6) / 2)] / [($30 - $35) / ($35 + $30) / 2)]

[(1) / (6.5) / (-$5) / ($32.5)]

(0.154) / (-0.154)

-1

Initial Price = $30 | New Price = $25

Initial Quantity Demanded = 7 | New Quantity Demanded = 8

PED = [(7-8) / (8+7) / 2)] / [($25 - $30) / ($30 + $25) / 2)]

[(1) / (7.5) / (-$5) / ($27.5)]

(0.133) / (-0.181)

-0.73

Initial Price = $25 | New Price = $20

Initial Quantity Demanded = 8 | New Quantity Demanded = 9

PED = [(8-9) / (9+8) / 2)] / [($20 - $25) / ($25 + $20) / 2)]

[(1) / (8.5) / (-$5) / ($22.5)]

(0.118) / (-0.222)

-0.53

1. Write a sentence or two, describing the relationship between, price, total revenue, and price elasticity of demand.(2 marks)

When the price elasticity of demand is inelastic, price and total revenue have a positive relationship, which means that as the price rises, total revenue rises as well.

When the price elasticity of demand is elastic, price and total revenue have a negative relationship, meaning that price rises lead to lower total revenue.

When the price elasticity of demand is unit elastic (price elasticity=1), price changes do not affect total revenue. When the demand elasticity is1, the total revenue is maximized.

1. Answer the following:
2. If a 10 percent increase in the price of good A results in an increase of 5 percent in the quantity demanded of good B, then what can be concluded about the association between goods A and B?(1 mark)

Good B is a substitute for Good A. When the price increases for a related product increase the demand for a primary product, it is a substitute for the primary product.

1. Suppose the income elasticity of demand for good C is +3.00. Explain the effect of a 10% rise in income on the demand for good C.(1 mark)

The demand change for Good C will be 30%.

n = 3.00 %?I = 10 3.0 = %?Q/10% Q = 30%

2. Is good C a normal or inferior good?(1 mark)

Good C is a normal good because demand for it increases in response to an increase in income.

1. Consider the global market for rice. A new technology is adopted for rice harvesting. At the same time, a rise in global household income results in a fall in the tastes and preferences for rice. Draw a graph for the global market for rice illustrating these events and explain, in words, the effect on the equilibrium price and quantity of rice. (For full marks, ensure your graph is properly labelled).(4 marks)

The equilibrium price decreases due to the fall in tastes and preferences for rice, see P2 being lower than P1.

The quantity of rice increased due to the new technology adopted for rice harvesting; the process became more efficient. See Q2 being greater than Q1.

D2l Price P2 Quantity