1. A cut in price from AFN 320 to AFN 280 sees demand for a product rise by 25%. What would the price elasticity of demand be for this product?

2. A company increases its price from AFN 200 to AFN 350 and sees demand for the product fall by 22%. What would the price elasticity of demand be for this product?

3. Assume that a shopkeeper decreases the price of product 'A', but it does not lead to an increase in his revenue, what degree of elasticity it is? Why?

4. A parking service provider raises the price of car parking from $2 per day to $4 per day and finds that usage of car parks contracts from 1,000 cars a day to 700 cars per day. Calculate the price elasticity of demand for this price change and calculate whether total revenue from the car park rises or falls.