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QUIZ - ECO3033_ECO201 1121 - QUESTION [Compatibility Mode] - Word Sign in X Draw Layout References Mailings Review View Help Acrobat Tell me what you want to do Share File Home Insert Design Find Times New Roma * 12 A A Aa AaBb AaBbCcI AaBbCcI AaBbC AaBbCc "ac Replace Paste B I U ~ abe X2 X? |A -azz ~ A Heading 2 1 Normal 1 No Spac... Heading 1 Heading 3 41 Create and Share Request Select * Adobe PDF Signatures Clipboard Font Paragraph Styles Editing Adobe Acrobat CONFIDENTIAL NOVEMBER 2021/ECO3033/ ECO201 QUESTION 2 The following table shows the quantity demanded for Good X and demand for Good Y at different prices of Good X. Price of Good X Quantity Demanded for Good Demand for Good Y (unit) (RM) X (unit) 100 15 50 30 AWNH 25 45 20 60 a) If you are the producer of Good X and you want to increase your total revenue, would you increase the price from RM3 per unit to RM4 per unit? Calculate the price elasticity of demand and draw a diagram to support your decision. (5 marks)QUIZ - ECO3033_ECO201 1121 - QUESTION [Compatibility Mode] - Word Sign in X File Home Insert Draw Design Layout References Mailings Review View Help Acrobat Tell me what you want to do Share Times New Roma * 12 A A Aa Find * AaBb AaBbCcI AaBbCcI AaBbC AaBbCc aac Replace Paste B I U ~ abe X2 X' A - azz ~ A E Heading 2 1 Normal 1 No Spac... Heading 1 Heading 3 Create and Share Request Select * Adobe PDF Signatures Clipboard Font Paragraph Styles Editing Adobe Acrobat SECTION B: STRUCTURED QUESTIONS. QUESTION 1 Answer the following questions based on the table below. Price of Good K Quantity demanded / Demand of Good Income (RM) demand of Good K L 6 25 8 400 11 23 15 500 16 22 20 1000 22 18 22 120 25 14 25 1600 30 10 32 2200 a) Calculate the price elasticity of demand for Good K when the price of Good K decreases from RM25 to RM16. | (2 marks) a) Calculate the cross elasticity of Good L when the price of Good K decreases from RM25 to RM11. What is the relationship between the two goods? (3 marks) hi Calculate the income elasticity of Good K when income increases from RM1000 to RM2200