e) Graph Gollum's demand curve (precisely). Calculate the elasticity for every price change using the arc elasticity formula. Indicate on the graph what part of the curve is elastic and what part of the curve is inelastic and show all Ed between every point. Show the unitary elastic point. Be precise and use the numbers. Hint: better to use graph paper for this question and next. f) Using the revenues in d) and the graph in e), calculate marginal revenue and draw (precisely) the marginal revenue curve. Show precise numbers and precisely where the marginal revenue curve crosses the X axis. (Hint: plot values to quantities) g) Draw the elastic, inelastic, perfectly elastic, perfectly inelastic, unit elastic demand and supply curves. Show the coefficients of price elasticity Ed for each type of curve. h) Gollum's income goes up from $1000 to $1200. His consumption of fish goes up from 20 to 22. Calculate Gollum's income elasticity Ey for fish using the arc formula. Is fish a normal or inferior good for Gollum? How would you classify Gollum's Ey elastic, inelastic or unitary elastic? i) When Gollum's income went up in part h), his consumption of fried taters went from 20 to 10. Calculate Gollum's income elasticity Ey for fried taters using the arc formula. Is fried taters a normal or inferior good for Gollum? How would you classify Gollum's Eyelastic, inelastic or unitary elastic? j) When the price of worms goes up from $1 to $2, the quantity of fish that Gollum consumes goes from 20 to 25. Calculate Gollum's cross-elasticity Eab for fish and worms using the arc formula. What type of relationship exists between fish and worms? How would you classify Gollum's Eab elastic, inelastic or unitary elastic? Page 7 of 9 2/10/13 *Quotes from The Lord of the Rings, or The Hobbit by JRR Tolkien. Nothing written in italics applies to the questionsit's there just for Tolkien fun. Go forth and read!!! k) When the price of worms goes up from $1 to $2, the quantity of ketchup that Gollum consumes goes from 3 to 1. Calculate Gollum's cross-elasticity Eab for ketchup and worms using the arc formula. What type of relationship exists between ketchup and worms? How would you classify Gollum's Eabelastic, inelastic or unitary elastic? And when he said gollum he made a horrible swallowing noise in his throat. That is how he got his name, though he always called himself 'my precious.'