Q5. (i). Fill in the missing amounts in the following table:

% Change in Price

% Change in Quantity

Elasticity

Demand for Walls Ice Cream

+10%

-12%

A

Demand for soft drinks in Stadium

-20%

B

-0.5

Demand for Cineplex tickets

C

-15%

-1.0

Supply of Chicken

+10%

D

+1.2

Supply of Beef

-15%

-10%

E

(ii)Use the table in the preceding problem to defend your answers to the following

questions:

a.Would you recommend that Walls move forward with a plan to raise prices if the company's only goal is to increase revenues?

b.Would you recommend that soft drink stands cut prices to increase revenues at Stadium next year?