1. Suppose that the price of an item Y decreases from $ 2.00 to $ 1.90 causing the quantity demanded of Y to increase from 110 to 118 units. Calculate the price elasticity of demand and indicate according to the result obtained if the demand is elastic, inelastic or unit elastic. 2. Suppose the price elasticity of demand is -1.34 and the price decreased from $ 15.00 to $ 10.00. Determine by how much the quantity demanded changed in percentage terms. 3. Indicate for each of the following cases what will happen to the total admission (IT), that is, if it increases (1 IT), decreases (+ IT) or remains constant. a) Price decreases and demand is inelastic b) Price increases and demand is elastic, c) Price increases and demand is inelastic d) Price decreases and demand is elastic 4. Suppose the price elasticity of demand for bus trips is equivalent to |ED) = 0.5. While the income elasticity of demand for bus trips is equal to El = - 0.1 and the cross elasticity of demand for bus trips with respect to the price of gasoline is E Bus, Gasoline = - 0.2. a. Would an increase in the price of the bus ticket increase or decrease the revenue of the bus company? b. If the price of gasoline increases by 10%, then by how much will the quantity of bus rides demanded change. c. If the income of consumers increases by 5%, then by how much the number of bus trips will change. d. If the price of gasoline increases by 20%, then by how much the quantity demanded of bus trips will change. Complete the following table: Product 4% Amount Income Normal good or Income demanded (QD) elasticity, E lower good A 3 -12 CO -20 -2 6. Suppose the cross elasticity of demand for products A and B is equal to +3.6. While the cross elasticity of demand for products C and D is -5.4. What can you conclude about products A and B and products C and D