Good A P ($) 20 S1 16 D1 30 40 50 60 70 Q (units) Use the above graph to answer the following questions. 1) What is the price elasticity of demand over the price range of $20 and $16? (use the midpoint method) (4 points) 2) Is the consumer elastic, inelastic or unit elastic? (3 points) 3) Will a price increase from $16 to $20 result in an increase in revenue or a decrease in revenue? (3 point) 4) Given: Cross Price Elasticity of demand for good A is -2, and the price of good B decreases by 20%. If the price of good A remains constant at $16. What will be the new quantity demanded by consumers? (4 points) in income. (3 points) 5) Draw in the appropriate curve on the above graph that represents the shift which results from the change