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Test II: Problem Solving: Instructions: Read the problems carefully and answer the questions correctly. Support your answer with computations. 1. Maria sells apple for P10.00 and her Qd = 1,000. When she decides to sell it at P15.00, her Qd2 becomes 500. Should Maria sell her apple at P10.00 or P15.00? Is Qd elastic or inelastic? 2. If Zoila sells orange for P25.00 per piece, the demand for it is 200. When she raises it by P40.00, the quantity demanded drops to 150. At what price will Zoila maximize her profit? Is the demand elastic or inelastic? 3. A company has fixed cost of P200,000 in order to sell a product that cost them P500 per unit. If a company sells the product for P1,200 per unit compute for the following: a. break-even units b. the units required to produce P1,000,000 in profit