Q1. If price decreases by 8 percent and quantity supplied decreases by 2 percent, supply is (circle to the right one) unit-elastic inelastic elastic

Q2. If the price elasticity of demand for used cars priced between $4,000 and $6,000 is -1.2 (using the mid-point method), what will be the percentage change in the quantity demanded when the price of a used car falls from $6,000 to $4,000? Instructions: Round your answer to the nearest whole number. (?) percent

Q3. Refer to the demand schedule below:

Price ($)	Quantity demanded
80	0
70	50
60	100
50	150
40	200
30	250
20	300
10	350
0	400

Price decreases from $60 to $50. Demand is (circle to the right one)) inelastic unit-elastic elastic and total revenue (circle to the right one)) decreases stays the same increases .

Q4.In the diagram below, draw the price effect and the quantity effect for a price change from $60 to $50. Instructions: Use the tools provided to draw the price effect (Pr Eff) and quantity effect (Q Eff) for this price change.