I have difficulty with the following exercise and when to use the appropriate formulas about Elasticity... Thank you for your help!

29. Sellers are willing to offer more for sale at a higher price because:

Select one:

a.people will tend to buy more at higher prices

b.higher prices serve as an incentive for producers to offer greater quantities

c.the law of supply forces such actions

d.there is an inverse relationship between price and profits

30. A binding minimum wage:

Select one:

a. raises the quantity of labour supplied.

b. reduces the quantity of labour demanded. c. causes surpluses of labour.

d. causes unemployment.

e. all of the above.

38. The demand for a product has an elasticity coefficient of 1.5. This means that a 5% fall in price:

Select one:

a.will make the product inelastic

b.will make the product elastic

c.will cause quantity demanded to increase by 7.5%

d.will cause demand to rise by 7.5%

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

Select one:

a.stay the same, but the quantity of lobster demanded will increase.

b.shift to the left, if lobster is a normal good.

c.shift to the right, if lobster is a normal good.

d.shift to the right, if lobster is an inferior good.

e.stay the same, but the quantity of lobster demanded will decrease.