1.For each of the following statements, state the relevant elasticity and state what its value should be (negative, positive, greater than one, zero, and so on).

a. The supply of labor is inelastic but slightly backwardbending.

b. The demand for European vacations increases during times of rising incomes.

c. The demand for hot dog buns rises when hot dog prices fall.

d. The demand for Apple iPad Minis falls when the price of Samsung Galaxy Tabs falls.

e. Pablo Picasso’s most famous painting, Guernica, is housed in the Reina Sofia Museum in Madrid, and is not for sale at any price.

f. The demand for mac-and-cheese rises during a time of severe recession and falling income.