O Demand will fall by 20%. O Demand will fall by 8%. Question 4 2.5 pts Suppose you own a sporting goods store and you observed that when the price of running shoes recently rose by 10% the quantity demanded fell by 25%. Given this information, and assuming no other relevant factors changed, an estimate of the own-price elasticity of demand for running shoes is O -1.2 O -2.5 O -4.0 O -0.4 Question 5 2.5 pts Consider the market for new, single-family homes in a certain region. Suppose the costs of building materials suddenly go up substantially. Also, at about the same time, rental rates on apartments rise sharply. With only this information, what is the likely effect on equilibrium price and quantities in the market for new, single-family homes in this region