1. A local council raises the price of car parking from $3 per day to $5 per day and finds that usage of car parks contracts from 1,200 cars a day to 900 cars per day. Calculate PED for this price change. 2. When the price of peanut butter is $4 per package, Oliver buys 8 jars of jelly. When the price of peanut butter changes to $19 per package, Oliver buys 6 jars of jelly. What is Oliver's cross-price elasticity of demand? 3. Alex's income has increased from $3,000 to $5,000. Alex increased his consumption of bagels from 4 to 8 a month and decreased his consumption of doughnuts from 12 to 6 a month. Calculate Alex's income elasticity of demand for: a) bagels. b) doughnuts. 4. Calculate the price elasticity of supply using the mid-point formula when the price changes from $5 to $6 and the quantity supplied changes from 20 units per supplier per week to 30 units per supplier per week