For which of the following products would demand be elastic? Inelastic? Unitary? Explain why in each case.

Products:

(a) beef,

(b) steak,

(c) public transportation,

(d) gasoline,

(e) pencils,

(f) housing.

How will the following changes in price affect total revenue; that is will total revenue increase, decrease or remain unchanged.

1. Price falls and demand is of unit elasticity
2. Price rises and demand is of unit elasticity
3. Price rises and demand is elastic
4. Price falls and demand is inelastic
5. Price rises and demand is inelastic
6. Price falls and demand is elastic