Documents ECON1001 Tutorial 4. Q1.When the price of hot dog is $1.50 each, 500 hot dogs are sold every day....

Slide 1ECON1001 Tutorial 4 Slide 2 Q1.When the price of hot dog is $1.50 each, 500 hot dogs are sold every day. After lowering the price to $1.35 each, 510 hot dogs are sold…