4) The figure shows two demand curves for the same product for two different periods. When the price falls from $10 to $5, the price elasticity of demand using the midpoint method will be _____ for the short run and _____for the long run.

0.33; 0.6

3.03; 1.67

0.33; 1.67

3.03; 0.6

6) If the price of gasoline increases by 10% and quantity demanded decreases by 5%, then the demand for gasoline is

inelastic.

elastic.

a perfect substitute.

unitary elastic.