Homework help question 1. Please. A:Now assume that the price of cattle feed increased by 100%. This change in the price of cattle feed will lead to a 30% change in the price of beef . Please draw on the graph above w new supply or demand line that reflects 30% change in the price of beef and label this curve S2 or D2. B:Now if the Ed is 0.8, please determine the equilibrium quantity of beef after the change in (a) above. Please show how you got your answer. THANK YOU !!!????

Quantity of Beef (pounds) 1,000 The above beef market is currently in an equilibrium position at an equilibrium price of $10 per pound and an equilibrium quantity of 1,000 pounds. a) Now assume that the price of cattle feed increased by 100%. This change in the price of cattle feed will lead to a 30% change in the price of beef. Please draw on the graph above a new supply or demand line that reflects this 30% change in the price of beef and label this curve as $2 or D2. b) Now if the Ed is 0.8, please determine the equilibrium quantity of beef after the change in (a) above. Please show how you got your answer. 2. If the Qd of salt is 2,000 pounds when the price is $1.00 per pound, and the Qd of salt is 1400 pounds when the price of salt is $4.00 per pound, please estimate the price elasticity of salt using the midpoint formula between $1.00 and $4.00 per pound. Please show how you got your answer. B2 - BI -GO0 4$ 5 ( BZ + 81 ) 1400-2000/1400+2000/ 4-1/4+1 - 200 ( A 2 - Al) 480 = 679.7 (Az+ Al) 3. Please explain which of the following two goods you would expect to be more elastic: the demand for Shell gasoline alone or the demand for all gasoline together. Elastic shell gasoline alone because narrower market. Change in price has change in Demand. In Elastic all gas because change in price has little to no change in demand. 1