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1. Suppose that a store decreases the price of laundry detergent from $4.10 to $3.50. As a result, quantity demanded increases from 210 to 230. Using the mid-point elasticity approach, calculate price elasticity of demand. DEMAND FOR SLIDERS 1.6 1. 1.2 PRICE (PER SLIDER) 20 40 60 80 100 QUANTITY ( SLIDERSPER DAY) 2. Using the midpoint formula, calculate the price-elasticity of demand for sliders when the price rises from $0.20 to $0.40. What happens to revenue? Is demand elastic, unit-elastic, or inelastic? 3. Using the midpoint formula, calculate the price-elasticity of demand for sliders when the price rises from 50.80 to $1.20. What happens to revenue Is demand elastic, unit-elastic, or inelastic? 4. Using the midpoint formula, calculate the price-elasticity of demand for sliders when the price rises from $1.60 to $1.80. What happens to revenue? Is demand elastic, unit-elastic, or inelastic? 5. When buyers' income rises from $50,000 to $70,000, demand for Natural Ice brand beer decreases by 80%. Calculate the income-elasticity of demand for Natural Ice. What would an economist say about the demand for Natural Ice? 6. You are a prominent dealer of Becky, a highly addictive drug that causes its users to dance uncontrollably. Withdrawals are unpleasant, leading to an irresistible compulsion to approach members of your preferred gender and tell them about your most recent incidence of vomiting, so people avoid withdrawals by taking Becky regularly. You are low on cash. The members of your polyamorous family unit voted and think you should raise the price of a dose of Becky from $20 to $30 in order to make more money, but your nonbinary platonic best friend thinks you should lower the price and that will entice more customers. Who is right? Explain