Suppose that the price of a kilo of bananas drops from $5 to $3, and as a result, the quantity sold increases from 80 to 120 kilos. a] What is the value oftotal revenue before and after the price change? Round your answers to 1 decimal place. 5. 400 and $ 360 _ b} What is the percentage change in the price? :| c] What is the percentage change in the quantity? :I d] What is the value ofthe price elasticity of demand? Round your answer to 2 decimal places. :I e} Is the demand elastic or inelastic? inelastic V Given the price elasticities and price changes for the following products A-E in the table below, show how much the quantity will change (indicating an increase or decrease) and what effect this will have on total revenue (indicating an increase or decrease). Round your answers to 1 decimal place. Price Product elasticity % A Price %A Quantity A Total revenue A 0.8 increase by 10% (Click to select) v by % (Click to select) v B 1.7 decrease by 7% (Click to select) v by (Click to select) v C 0.4 decrease by 22% (Click to select) v by (Click to select) v D 1.0 increase by 3% (Click to select) v by (Click to select) E 3.3 increase by 4% (Click to select) v by (Click to select) vTable below shows the demand schedule for poetry booklets in the town of Never Ending. Price Quantity TR 20 18 6 16 12 14 18 12 24 10 30 8 36 6 42 4 48 a) Calculate the total revenue of the seller at each quantity in the above table. b) At what quantity and price is total revenue maximized? Quantity: Price: $ c) Draw the demand curve and indicate the point of unitary elasticity in the below graph. Plot all the points using the tool in the graphing area below. Once all points have been plotted, click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed.c) Draw the demand curve and indicate the point of unitary elasticity in the below graph. Plot all the points using the tool in the graphing area below. Once all points have been plotted, click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. 20 Tools 16 Demand curve unit elasticity 12 Price 4 0 4 8 12 16 20 24 28 32 36 40 44 48 Quantity per periodd) Draw the total revenue curve and indicate the point of maximum total revenue in the below graph. Plot all the points using the tool in the graphing area below. Once all points have been plotted, click on the line (not individual points) and a tool icon will pop up. You can use this to enter exact co-ordinates for your points as needed. 320 Tools 280 n total revenue maximum tote 240 200 Revenue 160 120 80 40 0 6 12 18 24 30 36 42 48 54 QuantityThe graph below shows the market for oats. S D 10 Tools Price per bushel 0 15 30 45 60 5 90 105 120 135 150 Quantity per period (in millions of bushels)a] At the present equilibrium what is the total revenue received by farmers {in millions of dollars]? $|:| b} Suppose that the oat industry had a very good harvest and the supply increased by 45 million bushels. Draw the new supply curve in above shown graph. Plot only the endpoints ofthe curve above and position those points on the edges ofthe graphing area. c] What will be the new total revenue received by farmers [in millions of dollars]? $|:| d} What does this suggest about the elasticity of demand for oats? Demand is unitary v