5 points QUESTION 1 Suppose as price increases by 5% the quantity demanded decreases by 6%. The price elasticity of demand is Is it more likely that this good is 'gas' or 'Ferraris? 12 points QUESTION 2 In the past year, we have observed incomes increase by 6%. In that same time period, the grantity demanded for Jeeps has decreased by 3%. Based on these values, we can infer that the income elasticity of demand is From this info, we can conclude that Jeeps are and 20 point