Give the correct answer with detailed explanation..

You are given these two price/quantity combinations: Price Quantity 96 28 80 20 Which of the following is correct? Multiple Choice O These make up a demand curve, and the equation for the curve is P = 140 - 2"Q O These make up a supply curve, and the equation for the curve is P = 40 + 2'Q O These make up a demand curve, and the equation for the curve is P = 190 - 3'Q O These make up a supply curve, and the equation for the curve is P = 56 + 3.QYou run a dog walking service and this is your demand function: QD =60 - 2'P + .5'M + 8'Pp where M Is Income and it is $100,000 (which just enters as *100") and PR is the price your competitor charges and it is $30. You are currently charging a price of $30 (same as your competitor). Calculate the point elasticity of demand for your service at your current price, and then answer this question: Which of the following is correct? Multiple Choice O Because the demand for my dog-walking is Inelastic, I should decrease my price if I want to increase my revenues Because the demand for my dog-walking is elastic, I should increase my price If I want to increase my revenues O Because the demand for my dog-walking is elastic, I should decrease my price if I want to increase my revenues O Because the demand for my dog walking is Inelastic. I should increase my price if I want to increase my revenues"You own a bakery and shop that makes and sells gourmet doggie treats. You have done market research and you know with certainty that your product is a normal good, not an Inferior good. The current demand function for your gourmet doggie treats is: QD = 540 - 6'P which of course means the equation for your current demand curve Is: P = 90 - (1/6)'Q You are opening a new shop in a new part of town, and you know that incomes in that part of town are much higher than incomes are where your shop Is now. Which of the following is most likely the demand curve in your new shop? Multiple Choice O O