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. The demand for Baonisst'mo's ice cream. Bnonissimo is a new shop located in the middle of the Greenwich Village that sells ice cream by
. The demand for Baonisst'mo's ice cream. Bnonissimo is a new shop located in the middle of the Greenwich Village that sells ice cream by the pound. Bannis- simo has two type of customers: NYU students (type 1) and young professionals (type 2). The owner has conducted interviews and concluded that there are 60 student customers, each with a demand function 01(1)) : 5 $9, and 40 young- professional customers, each with demand function D2 Q1) : 10 if). The letter p denotes the price of one pound of ice cream. (a) Compute and draw the aggregate demand function faced by Bnoni.asimo. (5 points) (b) What is the elasticity of demand for p : $10 and p : $201 respectively? (5 points) (c) How much less ice cream would Burmissimo sell if the price rose from $10 to $11? Would Baoat'ssimc's revenue increase or decrease? By how much? (5 points) ((1) How much less ice cream would Buonissimo sell if the price rose from $20 to $21? Would Buom'ssimo's revenue increase or decrease? By how much? (5 points) (e) Compute and draw the total consumer surplus at p = $10. (5 points)
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