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Answer the following questions on price elasticity of demand. a.The price elasticity of demand for football match tickets is -0.50. What happens to the quantity

Answer the following questions on price elasticity of demand.

a.The price elasticity of demand for football match tickets is -0.50. What happens to the quantity of tickets sold if ticket prices rise by 5%?

b.The price elasticity of demand for fried chicken is -1.12. What happens to expenditures on fried chicken following a price increase?

c.Suppose the demand for painkiller pills is given byQ^D= 1,000. What is the price elasticity of demand atP= 100?

d.What will happen to the price elasticity of demand if there are more substitute goods available?

e.Give two reasons to explain demand is less elastic with respect to price

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