can someone help me to understand how to solve problems on number 2. A&B , and 7. A&B

PROBLEMS AND APPLICATIONS I. For each of the following goods, which good would you expect to have more elastic demand and why? a. required textbks or mystery novels b. Adele or pop music recordings in gene c. subway rides during the next six months or subway rides during the next five d. ntbeerorwater 2, suppose that v e the following demand for airline tickets from Chicago to Miami: 3. price $150 250 (business travelers) 2,100 tickets 2,000 1,900 1,800 1,000 tickets 600 a. As the price of tickets rises from $200 to what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.) Why might vacationers and business travelers have elasticities ? Suppose the pri elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. a. If the price oi heating oil rises from SI to per gallon, What happens to the quantity oi heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations,) b. Why t this elasticity time horizon? A price change causes tiw quantity demanded of a good to decrease by 30 while the total revenue Oi by 15 IS the demand Curve elastic or inelastic? 7. Suppose that your demand schedule for pizza is as follows: Quantity Demanded Quantity Demanded price (income = $20,000) (income = $24,000) $8 10 12 14 16 40 pizzas 32 24 16 8 50 pizzas 45 30 20 12 a. Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from $8 to $10 if (i) your income is $20,000 and (ii) your income is $24,000. b. Calculate your income elasticity of demand as your income increases from $20,om to $24A)0 if (i) the price is $12 and (ii) the price is $16.