Question 1 35 pts Use the graph below to answer the following question Show all of your work or no credit will be given It is beneficial to show your work because if the actual calculation is incorrct and I can see the error, partial credit can be given. d 10-..... A B ..j.. C - Price of goods D N m X Quantity Demanded - Fig. 1.4 Fill in the blanks for this statement: Calculate the price elasticity of demand for the graph above when the price falls from $4 to $2. This good has a price elasticity of demand coefficient of meaning the good sold in this market has a relatively price (elastic or inelastic) demand because there are (many, few) substitutes for this good. The firm will (increase, decrease) its price to increase it's total revenue.Question 2 0 pts This is a mandatory part of this assignment but points earned here will be added to the points earned on Question #1 If the cross price elasticity of demand coefficient is 5% and Firm A reduces the price of its good by 3%, what is the impact on Good B? Show all of your work. Edit View Insert Format Tools Table 12pt w Paragraph * B I U Av By Tv . . . p :2 1 0 words >