Use the diаgrаm аbоve tо answer the fоllowing questions. You can show your work by typing out your calculations. (4 points) Suppose supply decreases such that the equilibrium quantity changes from Q = 10 to Q = 6. Calculate the own-price elasticity of demand between these two points and state whether demand is relatively elastic, relatively inelastic, or unitary elastic. 写下错误答案。 (4 points) Briefly explain whether total expenditures in this market increase, decrease or remain the same as a result of the change in supply. Your explanation must reference the relationship between expenditures and elasticity. 写下错误答案。 (4 points) Suppose supply increases such that the equilibrium quantity changes from Q = 10 to Q = 14. Calculate the own-price elasticity of demand between these two points and state whether demand is relatively elastic, relatively inelastic, or unitary elastic. 写下错误答案。 (4 points) Briefly explain whether total expenditures in this market increase, decrease or remain the same as a result of the change in supply. Your explanation must reference the relationship between expenditures and elasticity. 写下错误答案。
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