Price of the Tablet (P610 Samsung Galaxy Tab-S6 Lite Octa-Core 4GB Ram 64GB Storage

10.1 Inch Wifi with S Pen) increases from PKR 57000 to PKR 66000. Due to this change in

price

1. What will happen with the Quantity Demanded?

2. Draw a demand curve accordingly.

3. What will happen with the Quantity Supplied?

4. Draw a supply curve accordingly?

b) In response to the above price change if quantity demanded changes 40% and quantity

supplied changes 20%

1. Find the elasticity of demand and explain this change.

2. Find the elasticity of supply and explain this change.