I need help thanks. Applying Elasticity

Instructions

1.If the price of milk increases by 20% and the quantity of demand for this decrease by 4%, answer:

a Find the price elasticity of demand.Is the demand elastic, inelastic, or unit?Explain your answer.

b Will this product have an easy or hard to find substitute?Why? 2.The quantity demanded by product A increases by 8% when the price of product B increases by 16% and the other variables remain the same.

a Calculate the cross elasticity of demand (cross elasticity of demand).Products A and B, are they complementary or substitutes?Why?

b By drawing a graph, show the change in the demand curve for product A as a result of the change in the price of product B.

3.Can it be possible that for a particular product the demand curve is perfectly inelastic, regardless of price?Explain your answer in detail.

4.Consider the relationship between demand for the following products: vodka and grains.

a What happens to the demand for vodka when the price of grains increases?

b These products, are they complementary or are they substitutes?Explain your answer.

5.A company increases the price of its product from $ 210 to $ 240 per unit and keeps 30,500 units of this product in stock each month.

a Is the elasticity elastic, inelastic, perfectly inelastic, or unitary?Why?

b Please indicate which could be an example of this product.Why?