1.Explain three reasons why the PES of fresh and canned tomatoes differ. 2.Explain how the knowledge of PED can be of use to an airline company
3.Explain the difference between an extension in demand and an increase in demand
4.If the price of good X increases by 26% and quantity supplied increases by 18% what is the PES? Is the supply of the good considered elastic, inelastic or unit elastic?
5.If the initial price of a product is $4 and it increases to $6 and the initial quantity suppliedbis 15,000 units and increases to 18,000 unit what is the PES? Is the supply of the good
considered elastic, inelastic or unit elastic?