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Question 3 [21] 3.1. Briefly explain what price (also called point) elasticity of demand measures. 3.2. Briefly explain what price elasticity of supply measures. 3.3. Briefly explain what income elasticity measures. 3.4. Briefly explain what cross-price elasticity measures. 3.5. Explain in detail (in clear terms) the main difference in the calculation of any type of elasticity when using the formula for normal price (also called point) elasticity and the formula for midpoint (also called arc) elasticity. (3) 3.6. Calculate the price elasticity of supply (using the midpoint/arc formula) for each of these three supply curves for the price ranges as indicated in the table below (two answers are already provided). (8) Price range Qs = 200 + 5P Qs = 5P Qs = -200 +5P 50-60 60-70 0.619 70-80 80-90 90-100 1.727 300-310 3.7. Based on the completed table in 3.2 above, answer the following questions: 3.7.1. What can be said about the price elasticity of supply of a straight-line supply curve through the origin? (1) 3.7.2. If the slopes of two supply curves are the same, does this imply that they have the same elasticities for a certain price range? (1) 3.7,3. If two supply curves are parallel, which of the two (the higher or the lower) has the greater price elasticity of supply for a given price range? (1) 3.8. Calculate the price elasticity of demand if the quantity of cigarettes demanded increases by 5% in response to an increase in the price of cigarettes of R2.50 per pack. Show your calculations. (1) 3.9. Consider two goods, A and B. If the price of good A increases from R50 to R60, the quantity demanded of good B increases by 10%. The cross-price elasticity of demand between A and B is approximately and the two goods are (2)