Attempts 7. Exercise 4.7 Average/2 An estimate of the demand function for household furniture produced the following results: F 0.0036 .96 0.16 p(-0.56) where F = furniture expenditures per household Y = disposable personal income per household R = value of private residential construction per household P = ratio of the furniture price index to the consumer price index +2=0.996 The point price elasticity for household furniture is , and the income elasticity is. According to the estimated model, a 10 percent increase in the value of private residential construction per household demanded by ▾ percent. the quantity

You are an economist. Your friend started a new business selling masks. She asked for your help in making some important decisions. From the data obtained from her, you computed the Price Elasticity of Demand (PED) of Masks, and found absolute PED in February was 1.86, and since then the absolute PED of Masks declined by 55% in June. (a) Based on the PED of June, you would advise your friend for an increase/decrease/unchanged in the price - (b) The market price of the mask in July was Tk20 per unit. The total revenue earned in July was Tk300. You received the data for August and observed that the price now in August is Tk28 per unit and the quantity of masks sold in August is 12 units. Calculate the absolute value of Price Elasticity of Demand (PED) for masks from July to August.

C0mpute and interpret the own price elasticity of demand for tilapia Is the demand for tilapia price inelastic, unitary elastic, or elastic?  Compute and interpret the cross elasticity of demand for tilapia with respect to the price of milkfish.

interpret the relationship of both elasticities from each other