8. You want to earn extra money to take your family to Disney Land so you...

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8. You want to earn extra money to take your family to Disney Land so you debate whether you should increase your price or not. If your business sells 800 units per month at $20/unit. And studies reveal that If you increase your price to $23, demand will fall to 720 units per month [4 Points] *You must show all of your calculations and identify the type of elasticity for the product for full marks [1] 9.1denitfy if each product/service is elastic (E) or inelastic (1) and write the factor of elasticity that contributes to this [6 Points] Contributing Factor Beef Steak a. What is the coefficient for the elasticity of demand? b. Identify the type of elasticity. [1] c. What would you recommend to the owner in order to help achieve their goal? [2] Prescription Medicine Restaurants Rent food E-or-l 8. You want to earn extra money to take your family to Disney Land so you debate whether you should increase your price or not. If your business sells 800 units per month at $20/unit. And studies reveal that If you increase your price to $23, demand will fall to 720 units per month [4 Points] *You must show all of your calculations and identify the type of elasticity for the product for full marks [1] 9.1denitfy if each product/service is elastic (E) or inelastic (1) and write the factor of elasticity that contributes to this [6 Points] Contributing Factor Beef Steak a. What is the coefficient for the elasticity of demand? b. Identify the type of elasticity. [1] c. What would you recommend to the owner in order to help achieve their goal? [2] Prescription Medicine Restaurants Rent food E-or-l