Paragraph Styles a What happens to the equilibrium price and equilibrium quantity of ice cream in response to each of the following? Explain your answers. i- The price of dairy cow fodder increases. ii. The price of beef decreases. in. Concern arise about the high fat content of ice cream. Simultaneously, the price of sugar (used to produce ice cream) increases. b . What will happen to the equilibrium price and equilibrium quantity in the fresh seafood market if each of the following event happen- i A scientific report is issued saying that fish contains mercury, which is toxic to humans. ii. The price of diesel fuel (used to operate fishing boats) falls significantly. SECTION II: ELASTICITY Refer to the following demand schedule for Managerial Economics Textbooks Price Quantity Demanded $100 $80 10 $60 20 $40 30 $20 40 0 50 a. Using the midpoint method, calculate the absolute values of the price elasticity of demand. b. Under which price level is the demand curve elastic? Under which price level is the demand curve inelastic? c. What will happen to total revenue if price increase from $40 to $60? Why? (Explain in terms of price elasticity of demand) cessibility. Good to goall 2022 Assignment 2 . Saved to this PC v out References Mailings Review View Help " A Aa~ A AaBbCCDc AaBbCCD