Question: Q3. Price (S) Quantity demanded Quantity supplied per week per week 20 20 0 40 16 4 60 12 8 80 8 12 100 4

Q3. Price (S) Quantity demanded Quantity supplied per week per week

Q3. Price (S) Quantity demanded Quantity supplied per week per week 20 20 0 40 16 4 60 12 8 80 8 12 100 4 16 a) What is the price elasticity of demand when the price increases from $40 to $60? b ) What is the effect of a price increase from $40 to $60 on the total revenue? c) Calculate the price elasticity of supply following a price increase from $60 to $80

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