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4. Explain 1IIIIhat happens to the price elasticity of demand it we move along the demand curve from C to B (the midpoint en the demand curve} and finally to A. ' Price 0 Demand Quantity 6. What price will maximize the revenue if, U}Q=12-2p (2} Q = warp. 2. Suppose that a consumer's budget constraint follows porn + p2K2' m. Discuss the new budget constraints forthe following scenarios. i (1}The government is about to impose a value tax on good 1 of y, a quantIty subsidy on good 2 of z and a lump- sum subsidy of n. = (2} If the consumer's Income doubles and the price of good 1 triples at the same time - 3. Sue obtains utility from days spent traveling on holiday domestically {D} and days spent traveling in a foreign country {F} as denoted by the utility U(D F}= 5DF. The price of a day spent traveling domestically is 100 and in a foreign country 400.55 Sue's annual budget for traveling is 4 000. Find Sue s utility maximizing choice of days traveling domestically and in a foreign country. Find also her utility level from consuming that bundle