fill in table

Fill in the table below. The first row is completed as an example. (3 points) Scenario Relevant Value of What Elasticity elasticity elasticity Value tells us A store raises its price by Price elasticity of The demand for 10% and the quantity of its demand 2 the good is elastic product demanded falls by 20% When the price of milk increases, the demand for good X decreases Mike gets a 5% raise and purchases more good X as a result When the price of good X increases 10%, the quantity of the good supplied increases by 5% Average income falls by 2% during a recession and people buy more good X When the price of pizza increases by 10%, the demand for good X increases Firms supply 20% less good X when its price increases by 20%