1. If the price elasticity of a good goes up by 5% and the quantity demanded falls by 15%, demand tends to be inelastic. True or False 2. If drivers reduce consumption of gasoline by 5% when price of gasoline increases by 10%, demand for gasoline tends to be price inelastic. True or False 3. The president of harold washington college has been told that when they raised their tuition by 15% the previous year total revenue from tuition fell. The president concluded that demand for that college must be inelastic. True or false 4. If elasticity is greater than 1 a decline in price increases lowers total revenue. True or False 5. If the price elasticity of demand for round-trip rail fare is estimated to be 0.62, if fares declined by 15%, one would expect the quantity of round-trip tickets purchased to rise by 9.3. True or False