22. 23. 24. Scenario 4 Chapter 4 In a competitive market, demand and supply for tonnes of wood screws are Qd : 1000 P and Qs = 2P + 100 respectively. Refer to Scenario 4. What is the point elasticity of demand at equilibrium? a. E = 2.3 b. E =1 e. E = .43 d. None of the above Refer to Scenario 4. What is the point elasticity of supply at equilibrium? a. E = .86 b. E = 1.2 c. E = .43 d. None of the above Refer to Scenario 4. Ifa seller had the ability to change the selling price of wood screws from the current equilibrium price, what would the seller do? Demand is elastic, so decrease price to increase total revenue Demand is inelastic, so increase price to increase total revenue Supply is inelastic, so decrease price to increase total revenue Demand is elastic, so increase price to increase total revenue 9.057