Mail X Cent X Insti X Billir X Con X Bb Micr X (48 X Brav X Cou X Netf X Ocu X Psyl X in cl x G calc X Star X C learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.com/blackboard.learn.xythos.prod/57853691332dd/15851078?X-Blackboard-Expiration=166... Q OK Update : Microsoft Word - Econ 201 Problem Set #1.docx 4 / 4 | 73% + Chapter 5 (Week 6 on Blackboard) 5. (6 points) Suppose when we look at the monthly sales of hamburgers & fries in the Devil's Den, we see that when CCSU increased the price from $7 to $13, the quantity demanded fell from 8,000 meals to 4,000 meals a. What is the price elasticity of demand for the hamburgers and fries meal at CCSU (use the midpoint formula)? b. Is this demand for this meal price inelastic or elastic? c. Why do you think this product is price inelastic/elastic? Briefly explain. 2 Chapter 6 (Week 7 on Blackboard) 6. (5 points) Jane has $20 to spend on breakfast for the next few days. Bagels cost $5 and cups of coffee cost $4. Draw Jane's budget constraint in the space below with bagels on the X- axis. 3 4 in class ex.pdf Show All X