A. When the price per lipstick is $10, the quantity demanded for chap-sticks is 10. As the price per lipstick increases to $20, the quantity demanded for chap-sticks is 20. Are the lipsticks and chap-sticks complements, substitutes or unrelated goods? Please explain briefly. 1 point

B. Which has a higher demand elasticity: coca cola or all cold beverages? Why? Assume that gasoline has unexpectedly increased from $2 a gallon to $3 a gallon. When is the demand for gasoline more elastic: the day after gasoline first increased to $3 or six months later? Explain your answer. 2 points

C. Dorney park are hoping to increase the volume of visitors. They decreased one-day ticket price to $100, down from $150. Dorney park reported the price reduction have led to a increase in ticket sales by 2 percent. How will the increase in price will effect Dorney's revenues? Why? 2 points