1 2 The price of product X is reduced from $90 to $80 and. as a result. the quantity demanded increases from 100 to 120 units. Therefore. demand for X in this price range Multiple Choice 55%|: 0 has decllned. is of unit elasticity. ls elastic. O O is inelastic. O The elasticity of supply of product X is unitary if the price of X rises by 18 Multiple Choice BOOK O 4 percent and quantity supplied rises by 6 percent. O 7 percent and quantity supplied rises by 7 percent. O 12 percent and quantity supplied stays the same. O 5 percent and quantity supplied rises by 2 percent.\fAssume that Abby, Ben. Clara, Joe, and Matt are the only citizens in a community. A proposed public good has a total cost of $1,000. All five citizens will share an equal portion of this cost in taxes. The benefit of the public good is $220 to Abby. $210 to Ben, $210 to Clara. $180 to Joe, and $120 to Matt. In a 19 majority vote, this proposal will most likely be Multiple Choice eBOO O accepted, 3 In favor, 2 against. O accepted, four in favor, one against. O defeated, 2 In favor, 3 against. O defeated, 1 In favor, 4 against.Suppose the income elasticity of demand for jewelry is .50. Other things equal, a 6 percent increase in consumer income will 20 Multiple Choice eBOOK O decrease the quantity of jewelry purchased by 3 percent. O Increase the quantity of jewelry purchased by 12 percent. O decrease the quantity of jewelry purchased by 12 percent. O Increase the quantity of jewelry purchased by 3 percent