(1) Which one of the following statements is TRUE?

A. elasticity measures the responsiveness of quantity demanded or quantity supplied to one of its determinants

B. price elasticity of supply is greater in the long run than in the short run

C. the cross-price elasticity of demand measures how much demand for one good responds to changes in the demand of another good

(2) What happens to the price of elasticity of demand (PED) of the product heavily used for the prevention and protection from Covid19 during this time of pandemic?

A. The PED becomes elastic

B. The PED becomes more elastic

C. It depends on the product and, therefore, cannot be assessed

D. The PED becomes less inelastic

E. The PED becomes inelastic

(3) What is the income Elasticity of Demand using the mid-point formula given information below?

The monthly income increased to Php 30,000 (Philippine peso) from Php 20,000, while the average quantity demanded towards a product increased from 30 to 60 units every month

A. 1.333

B. 13/9

C. 6/9

D. Cannot be determined

(4) What is the Price Elasticity of Demand using the mid-point formula given information below?

The price of a good decline from Php 100 to Php 70, while its quantity demanded increased from 300 to 500 units.

A. Cannot be determined

B. 5/3

C. -1.417

D. 17/6

E. 17/12 (not sure about this choice because the picture is cropped, please help me solve it)

(5) The cross-price elasticity of demand determines whether two goods are complementary goods or substitute goods. Given certain good A and good B information below, what can be said about the two goods?

Good A has an inelastic demand.

Good B's price has changed from Php 8,000 to Php 12,000

Good B is a luxury item

A. Cannot be determined

B. They are complementary goods

C. Good B has a price increase of 50%

D. (again, i couldn't see the choice of D and E because the picture is cropped, please help me solve it instead?)

(6) Holding other business factors constant, in order to increase the revenue of the good described in Question 3-4, what should the seller do?

A. Cannot be determined

B. The seller should maintain the price

C. The seller should sell more or increase the quantity but maintain the price

D. The seller should increase the price

E. The seller should decrease the price