1.If the price of good A decreases by 1.3% and the price elasticity of demand is 1.5, find the percentage change in quantity demanded and the percentage change in revenue.If you want to increase revenue should you increase or decrease the price in this case?

2.If the price of good B increases by 2.6% and the price elasticity of demand is 0.5, find the percentage change in quantity demanded and the percentage change in revenue.If you want to increase revenue should you increase or decrease the price in this case?

3.If the income increases 3.9% and the quantity demanded decreases 3.1%, find the income elasticity of demand.Is the good normal or inferior? Why?

4.If income falls 2.5% and quantity demanded decreases 3.1%, find the income elasticity of demand.Is the good normal or inferior?Why?

5.If the price of good C decreases by 2% and the quantity demanded of good D decreases by 8%, what is the cross price elasticity of demand.Are the two goods substitutes or complements?Why?

6.If the price of good X increases by 1.6% and the quantity demanded of good Y decreases by 2.3%, what is the cross price elasticity of demand.Are the two goods substitutes or complements?Why?

7.If the price of a good decreases by 2.8% and the quantity supplied decreases by 8.9%, what is the price elasticity of supply?Is supply elastic or inelastic?

8.You are given the demand function Qd = 8 - 0.02P.Find the price elasticity of demand when P = 200.

9.You are given a demand function P = 200 - 0.5Qd.Find the price elasticity of demand when P = 100.

10.IfQd = 10 - 2P and Qs = P - 2, find the equilibrium price and quantity and the consumer surplus and producer surplus at this equilibrium.