Q. 2 a)Jim advertises to sell donuts for $5 a dozen. She sells 60 dozen, and decides that she can charge more. She raises the price to $6 a dozen and sells 40 dozen. Calculate price elasticity of demand. What can you infer about the elasticity of donut demand? b) Assume the pair of CDS: CD of Bangla Song vs CD of Bangla folk song. Which one has more elastic demand? Briefly explain.

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A: The elasticity of demand refers to a change in the quantity demanded due to a change in its price.…

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Q: What is income elasticity of demand

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A:

Q: What is elasticity of demand if price increase by 20% and the quantity decrease by 20%.

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A: Using midpoint method, Elasticity (Ed) = [(Q2 - Q1) / (Q2 + Q1)] / [(P2 - P1) / (P2 + P1)] When |Ed|…

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