I have difficulty with the following exercise and when to use the appropriate formulas about Elasticity and stuff. I'd like some explanation for the exercise with Figures. Thank you for your help!

3. An increase in per capita income will cause the demand curve for lobster to

Select one:

1. stay the same, but the quantity of lobster demanded will increase.
2. shift to the left, if lobster is a normal good.
3. shift to the right, if lobster is a normal good.
4. shift to the right, if lobster is an inferior good.
5. stay the same, but the quantity of lobster demanded will decrease.

6.A reduction in the demand for steak would lead to

Select one:

1. an increase in the price of steak and in the quantity of steak supplied.
2. a reduction in the price of steak and in the supply of steak.
3. an increase in the demand for complements such as steak sauce and onion rings.
4. a reduction in the price of steak and in the quantity of steak supplied.
5. an increase in the price of steak and in the supply of steak.

8. The income elasticity of demand for television sets is 1.6. This means that:

Select one:

1. an increase in income of 10% will cause the quantity of television sets demanded to rise by 16%
2. an increase in income of 10% will cause the quantity of television sets demanded to fall by 16%
3. a fall of 10% in the price of television sets will cause income to fall by 16%
4. a fall of 10% in the price of television sets will cause income to rise by 16%

11. If A and B are consumption complements, a fall in the price of A is likely to cause:

Select one:

1. the demand curve for B to shift to the right
2. the demand curve for A to shift to the right
3. the demand curve for A to shift to the left
4. the demand curve for B to shift to the left

14. Which of the following statements is correct?

Select one:

1. A change in demand implies a shift of the demand curve but no change in quantity demanded at any given price
2. A change in demand implies a shift of the demand curve and a change in quantity demanded
3. A change in quantity demanded implies a change in demand and a shift of the entire demand curve
4. A change in quantity demanded implies a change in demand and a movement along a given demand curve

17. If the coefficient of the price elasticity of demand is 2, this means that:

Select one:

1. a 5% fall in price will result in a 10% increase in quantity demanded
2. a 5% fall in price will lead to a 2.5% increase in quantity demanded
3. a 5% rise in income will lead to a 2.5% fall in quantity demanded
4. a 5% increase in income will lead to a 10% increase in quantity demanded

22. Which of the following will not cause the demand curve to shift?

Select one:

1. A change in the price of a complement
2. A change in the price of a substitute
3. A change in income
4. A change in the price of the product

27. Refer to the above Figure. The elasticity of demand from point A to point B, using the midpoint method would be

Select one:

1. -1.5
2. -2.5
3. -2
4. -1

40. Refer to the above Figure. At a price of P1:

Select one:

1. D2 is more elastic than D1
2. D1 is more elastic than D
3. D2 is more elastic than D
4. D is more elastic than D1

46. What effect will an increase in the price of grapes have in the market for wine?

Select one:

1. Increase demand
2. Increase supply
3. Decrease supply
4. Decrease demand

47. Refer to data above. If the price falls to $4, then total revenue will:

Select one:

1. increase to $840
2. fall to $300
3. fall to $280
4. increase to $560

50. Refer to the following situation for the questions below. The coefficient of the price elasticity of demand for a good is 2. The price is now $5, and the quantity demanded at that price is 100. Refer to data above. If the price rises to $6, then total revenue will change to:

Select one:

1. $360
2. $500
3. $600
4. $300

53. If the cross-price elasticity of demand between A and B is 0.65, then we know that:

Select one:

1. A and B are complements
2. A and B are substitutes
3. the demand for B is inelastic
4. the demand for A is elastic

54. If the supply of apartments is increasing more rapidly than the demand, the likely result will be

Select one:

1. lower apartment rents.
2. higher apartment rents.
3. an increase in the demand for single-family homes, a substitute for apartments.
4. higher apartment rents and an increase in the demand for apartments and mobile homes.
5. an increase in the demand for mobile homes.

56. An increase in income from $7500 to $9000 causes an increase in purchase of a good from 3000 to 3500 units. The mid-point income elasticity of demand for that good must therefore be:

Select one:

1. 0.83
2. 0.61
3. 3.60
4. 1.20

59. A perfectly inelastic demand curve is likely to exist for which of the following items?

Select one:

1. fresh produce
2. beef
3. prescription drugs
4. beer