Calculation Question (51 mal Show all necessary steps in your answere shown. marks will be awarded if the workings to your solutions ar Question 1 (10 marks) Suppose that your demand schedule for CD is as follows: Price Quantity demand (income =$10 000) Quantity demand (income =$12 00 $8 40 50 10 32 45 12 24 .30 14 16 20 16 8 12 a) Calculate your price elasticity of demand as the price of CD increases from $8 to $10 your income is $10 000 and ii) your income is $12 000. (5 marl b) Calculate your income elasticity of demand as your income increase from $10 000 to 000 if i) the price is $12 and ii) the price is $16. (5 mark QB-1 Type your answer here. H ▾ B I A X₂ X³ Q2-Q1/Q2+Q1/2/P2-P1/(P2+P1/2 Q1= 40 P1=8 Q2 = 50 P2=10 10/90/2/2/18/2 0.44/0.22 1.82 PgUp F5 K F4 F6 F7 ||| !!! PrtScn FB ✰ Home F9 End F10 F11
