W AutoSave Off BECN 150 - ONE - Assignment 1- Due October 18, 2022 (1) - Compatibility Mode v Search (Alt+Q) Aahamd rashid X File Home Insert Draw Design Layout References Mailings Review View Help Comments Share ~ Times New Roman ~ 12 ~ A" A Aa Ap EVEEVENT Find Emphasis Heading 1 Normal Strong Subtitle Paste Replace BIU~ab x x' A LA Dictate Editor Select v Undo Clipboard Font Paragraph Styles Editing Voice Editor 3. Problem 3 - 14 Marks d. Ann's income elasticity of demand for hockey tickets is 2.0. If her income increase by 20 percent this year, and she bought 12 tickets last year how many tickets will she likely buy $10 this year, all other things being equal. 4 Marks 8 6 4 2 100 300 Quantity Refer to Figure above. Calculate the coefficient of elasticity of supply, the Es between point A and B, using the midpoint method. 4 Marks b. If "S" is the market supply, what is the total revenue when the market equilibrium price is $ 6/unit? 3 Marks c. If the equilibrium market price increases to $8/unit, what is the % increase in total revenue for suppliers? 3 Mark State two factors that could cause the market equilibrium price to drop from $6/unit to $4/unit. 4 Marks Problem 4 - 14 Marks a. Write the formula for the cross-elasticity of demand. 3 Marks (AQx/Qx) (AP Y/PY) Suppose that the cross-price elasticity of demand between hot dogs and mustard is -1.50. If the price of hot dogs increase by 40%, by how much will the quantity demand of mustard increase or decrease 4 Marks c. Write the formula for the income elasticity of demand. 3 Marks Page 4 of 5 Page 5 of 5 Page 5 of 5 597 words DX English (Canada) Text Predictions: On 7 Accessibility: Unavailable " Focus + 60% 7 C O W ED @ N 49 ENG 3:26 PM Cloudy US 2022-10-18