4. The Tops store manager increases the price of potatoes by 10 percent and observes that quantity demanded falls by 8 percent. a. Calculate the price elasticity of demand for potatoes. b. Is the demand for potatoes elastic, inelastic, or unitary elastic? 5. Suppose the price elasticity of gas is -0.2 in the short run. If the price of gas declines 10%, by what percent does the quantity demand for gas change? 6. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston. (Use initial value to calculate % change). Price ($) Quantity Demanded Quantity Demanded Business (tickets) Vacationers (tickets) 150 2,100 1,000 200 2,000 800 250 1,900 600 300 1,800 400