Demand elasticity

1. If the price of the product X increases from $5 to $5.50 when the quantity demanded changes from 800 to 790 units, calculate the elasticity coefficient and explain the result. 2. If the price of the product X increases by 5% when the quantity demanded changes by 10%, determine the elasticity coefficient and indicate what type of demand it has. 3. Explain the importance for an administrator of knowing the elasticity of demand. 4. If the price elasticity coefficient for a product is -2.5 and the price increases by 10%, what will happen to total revenue. Explain. 5. If the price elasticity coefficient for a product is -.25 and the price increases by 20%, what will happen to total revenue. Explain. 6. If the income elasticity coefficient is 3, what type of demand does it have? 7. If the quantity demanded of product X changes from 800 to 700 units when the price R changes from $3 to $3.25, what relationship exists between products 8. If the consumer's income changes from $30,000 to $28,500 and the quantity demanded changes from 5,000 to 4,500 units, what type of good is it? Calculate the coefficient and interpret the result.