Lesson 5-Written Homework Assignment Use the table below to answer questions. Price of X Quantity of X Price of Y Quantity of Y Income $ 100.00 1000 S 200.00 800 $ 1,200.00 $ 160.00 640 400.00 800 $ 1,800.00 1. Compute the coefficient of price elasticity of demand for product X? 2. Is the demand for product X elastic or inelastic? 3. Compute the coefficient of cross-price elasticity of demand between X and Y? 4. Based on your answer in (3) determine whether X and Y are complements or substitutes? 5. Compute the coefficient of price elasticity of product Y? 6. Compute the coefficient of income elasticity of demand for X? 7. Compute the coefficient of income elasticity of demand for Y? 8. What type of income-defined products are X and Y?2. Assume that the coefcient of price elasticity of demand for bananas is unitary. Suppose the quantity the quantity demanded for of bananas falls from 800 to 500. Compute the percentage change in price? 3. Assume the following: Unit tax on a product is $3.00 Pretax equilibrium price and quantity are $10.00 and 10,000 units respectively Posttax equilibrium price and quantityr are $11.50 and 3,500 units respectively Coefcient of pn'ce elasticity of demand and supply are both equal to 2.5 a. How much tax revenue 'will the government raise with the imposition of a unit tax of 53 .00? b. What is the size {i.e., the dollar amount] of the total tax burden? c. Compute the amount of taxes paid by the seller? d. Compute the coefficient of price elasticity of demand? e. Compute the coefficient of price elasticity of supply? f. Compute the aftertax total revenue received by the seller? Is the following statement true or false? The coefficient of price elasticity of demand for bathing soap is larger than the coefficient of price elasticity of demand for Dove Skin Moisturizing soap. Take a position and support it using specific examples, principles