Question 1 You have estimated that the price elasticity of demand for coffee at your cafe is 0.8. If you lower the price of coffee by 20% you should expect sales to rise by %. Typed numeric answer will be automatically saved. Question 2 W Suppose the cross-price elasticity of demand for coffee with respect to the price of cookies has been estimated to be negative 0.70. If we believe that the price of cookies will fall by 10% in the near future the quantity demanded for coffee will rise by %. Typed numeric answer will be automatically saved.Question 3 Demand for Singapore tourism is steady, but Singapore's capacity to host tourists has fallen (supply has decreased) because of a pandemic. This is beneficial for Singapore if demand is and the effect is larger than the. effect. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a inelastic; price; quantity b elastic; price; quantity c inelastic; output; price d elastic; output; priceQuestion 4 Suppose a 5% rise in consumer income causes a 15% fall in the quantity of hot dogs demanded. The income elasticity for hot dogs is and they are a(n) good. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a -0.33; inferior b -1.50; inferior C -3.00; inferior d +0.33; normal e +1.50; normal ch +3.00; normalQuestion 5 You observe that a 20% rise in the price of beer causes a 30% drop in beer sales. Using this information, we would expect total revenue to when beer prices fall. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a decrease b increase C not change d increase or decrease (there is not enough information to determine the impact of a drop in prices on revenue.)