Name Course & Year Lecture Time Date Performed Activity No. 3 Elasticities 1. Compute for the price elasticity of demand using the elasticity formula. Supplement your answer with the Total Revenue Test. QD Price 80 4.80 73 75 5.00 75 70 5.20 77 65 5.40 79 60 5.60 81 2. The following hypothetical table is John's demand for pandesal from Dec 2016 to January 2017 given h monthly income. Price per pc Quantity Income (P/mo) Dec 2016 2.00 100 5,000 Jan 2017 2.00 120 4,000 a. What happened to John's income after December? b. What happened to the quantity of pandesal bought by John? C. What economic concept is being shown by the relationship between John's income and his demand for pandesal? 3. If goods R and K have a cross elasticity of -3 and goods R and S have a cross elasticity of 5, then, what relationship exists between goods R and K? between R and S? 4. Number the following demand curves from 5. Number the following supply curves from lowest highest to lowest elasticity. to highest elasticity. *