1. The price of a top selling brand of canned corned beef went up from P180 to Php 200 per 210 gram-can. Market weekly sales notably went down from 30,000 cans to 25,000 cans. Compute for the own-price elasticity of demand and interpret.
2. A market survey came up with the following results:

Household income (Php/month)	Quantity of dressed chicken bought (kilos per month)
50,000	6
100,000	10
150,000	12

3. Suppose the elasticity coefficients for the following consumer goods are given as follows:

a. p for round scad (galunggong) = - 0.8

b. y or I for round scad = 0.65

c. rm = 1.2 where r = round scad and m = milkfish (bangus)

Interpret the following coefficients.

4. The elasticity of supply ( s) for ornamental plants in general is 1.34. What does this coefficient

mean? By how many percent will supply of this product increase if its price increases by 1%?