1. Suppose you are given the following data on the market demand and supply for record albums in a small record store.

Price QD Ed Price E TR $30 18 $30 56 25 26 25 45 20 34 20 34 15 42 15 23 10 50 10 12 5 58 1Insert answer below At higher prices. would the elasticity of demand have a higher or lower value? Total revenue is at the lowest value where the price elasticitv is elastic. inelastic or unitarv'? As you move down a demand cun'e. the price elasticity of demand becomes more elastic or more inelastic\"? If demand is in an area where it is elastic and prices decrease. what would happen to total ret'enueij "Would it increase, decrease. or not chance\"? Insert Answer Below What is the cross price elasticity for cheese and chicken? Are these tu-'o goods complements or substitutes? Insert Answer Below A $1 box of salt that you buy once a year (inexpensive item) An expensive HD television (a luxury item A specic drug that you must take to remain alive a necessi A Golden Delicious variety of apple (an item with Hood substitutes An airline ticket that you are purchasing to travel somewhere during the next year the loner run Income per Month Quantity of product Income Elasticity demanded per month $100 40 $200 100 $300 170 $400 220 $500 240 $600 230