Pls give me the workings n solutions for 37 b and c

37. Suppose that the current equilibrium price of ground beef is $4.00/lb. and that the equilibrium quantity demanded in the market is 30,000 pounds. You are also given one more piece of information: at the current equilibrium price and quantity, the price elasticity of demand for ground beef is 2.15. Answer the following questions based on the information you have been given (8 points): a. What is the total revenue for producers of ground beef at equilibrium? (1 pt.) D Revenue - sales E 30000 Graph. 120 0 DO The total revenue $4 And for producersis $1201000 at (030) b. Calculate the new quantity demanded and total revenue if the price for ground beef increases by 10%. Be sure to show your work for full credit. (2 pts.) And Wew QD'1 33, 010 30 , 060 10 Ans, Total (33,008 Revenue, 3 3, 00 0 7514. 40 0 145 ) LVO Anso Need 20: 33,000 EllRevenue = 1/ of Din 80 . Demand Is Total Revenue $ 145, 209) ElasHa no 2:15 Suppose that from the original information given to you above (i.e., price = $4, quantity demanded = 30,000 lbs., and price elasticity of demand = 2.15), instead of the increase described in (b) that there instead a 5% decrease in the price of ground beef. Calculate the new quantity demanded and total revenue. Again, be sure to show your work for full credit. (2 pts.) 13.80 30100-1500 28500 2059 1500 itis 201 100