7. Elasticities a. When tolls on the Dulles Airport Greenway were increased from $0.50 to $1.50, traffic decreased from 30,000 to 10,000 trips a day. What is the price elasticity of demand for the Dulles Airport Greenway? Is it elastic, inelastic, or unit elastic? As the price of tomatoes increases from 52.5 to $3, the quantity produced increases from 1,800 tons to 2000 tons. What is the price elasticity of supply for tomatoes? Is it elastic, inelastic, or unit elastic? Income rises by 10 percent; demand decreases by 4 percent. Calculate the income elasticity ofdemand. Is it an inferior good or a normal good? If it's a normal good, is it a luxury or a necessity? When the price of pencils rises by 20 percent, the demand for erasers falls by 10 percent. Calculate the cross-price elasticity of demand. Are the goods complements or substitutes