5.1 If each 5 percent increase in the price of gasoline reduces the quantity purchased by 2 percent, then what is price elasticity of demand for gasoline? 5.2 Discuss whether NOVA'S service price or tuition is elastic or inelastic? Identify and explain what factors may determine NOVA's elasticity in the market. What steps if any can be taken by NOVA to make its price elasticity less elastic or more inelastic. 5.3 Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston