Question: Answer the following problems below CHANGE IN QUANTITY DEMANDED AND ELASTICITY FOR THE FLORIDA ORANGES. 2. If the price changes from $10 to $30 what

Answer the following problems below

CHANGE IN QUANTITY DEMANDED AND ELASTICITY FOR THE FLORIDA ORANGES. 2. If the price changes from $10 to $30 what will be the effect on Quantity demanded and is it elastic? Price $10 then Quantity demanded is Price $30 then Quantity demanded is Market elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) 3. If the quantity demanded changes from 200 to 50 then what changes will occur for price? Price Quantity demanded is 200 Price Quantity demanded is 50 Market elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) THIH2 4. Normal vs. Inferior good: Calculate elasticity also identify which item is Inferior and which is the Normal good. Year Income per Potatoes Steak month quantity quantity demanded per demanded per month month Year 1 $1000 6 pounds 1 pound Year 3 $2000 3 pounds 5 pounds Potatoes elasticity is Is it (elastic, inelastic, or unitary elastic) (circle one choice) Potatoes (Inferior or normal good) Is it (elastic, inelastic, or unitary elastic) Steak elasticity is (circle one choice) Steak (Inferior or normal good)

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