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- Use the midpoint method of calculating percentage changes in this question. Heidi used to bake and sell 3 custom cakes each week when the price of cake was $35. Now that the price has increased to $45, she bakes and sells 5 cakes. What was the 'percentage change' in quantity supplied of cakes for Heidi? %. Is this 'percentage change' positive or negative? What was the 'percentage change' in price of cakes? %. Is this 'percentage change' positive or negative? What was Heidi's price elasticity of supply? (round to 2 decimal places] Is this considered 'elastic', 'inelastic', or 'unit elastic'?Explain the income effect with the diagramWhat happens in the graph when the price of bottled water rises? Screenshots attached below thank you
- There are several factors that have influenced the importance of purchasing andsupply”. Justify this statement by discussing information technology as a major factor.Provide an example of your choice to explain the factor.What is the equation for calculating the Coupon rate? Please illustrate with a numerical exampleKamika lives in Chicago but goes to school in Tucson, Arizona. For the last 2 years, she has made four trips home each year. During 2010, the price of a round-trip ticket from Chicago to Tucson increased from 350 to 600. As a result, Kamika decided not to buy a new outfit that year and decided not to drive to Phoenix with friends for an expensive rock concert. QUESTION: Explain how Kamika’s demand for clothing and concert tickets can be affected by an increase in air travel prices.
- Explain FATFIdentify the graph according to its elasticity.Consider the following graph, which shows the relationship between an individual's income and the number of times he or she eats out each month. QUANTITY (Dinners out per month) 20 10 16 14 12 O 7 INCOME (Thousands of dollars per month) 10 Brian ? Hint: When answering the following, be sure to specify the appropriate units. The blue point already shown on the graph shows the data for Crystal. According to the graph, Crystal's income is has Suppose Crystal's friend Brian has an income of $2,000 per month and has 4 dinners out per month. $8,000 $8,000 per month $16 per month $16 and she
