In Sudan, 2018 was a bad year for growing wheat. And as wheat supply decreased, the price of wheat rose dramatically, leading to a lower quantity demanded. 2017 2018 500 520 Quantity Demanded (in thousands) Price (in Sudanese pound) 320 420 I a) Using midpoint method, calculate the price elasticity of demand for wheat. Conclude about the Demand elasticity (elastic, inelastic, unit elastic) (10 points) b) According to your calculation, what can you conclude about the type of this good? What do you expect will happen to Total Revenue in 2018 when Price increases? (5 points) c) Calculate Total Revenue in 2017 and Total Revenue in 2018? (5 points)

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