Question 6 0.5 pts Figure 5-1 Mu 2 4 6 8101214161820222426 ammo: Refer to Figure 5-1. Between point A and point B, price elasticity of demand is equal to Q 2.67. O 1.5 Q 0.67. O 0.33. Question 7 0.5 pts If a 15% increase in price for a good results in a 20% decrease in quantity demanded, the price elasticity of demand is Q 0.75. O 1.33. C) 1.60. O 1.25. Question 8 0.5 pts If a 20% increase in price for a good results in a 15% decrease in quantity demanded, the price elasticity of demand is Q 1.33. O 1.25. O 0.75. O 1.60. Question 9 0.5 pts When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to $70, the quantity demanded of good A falls to 400 units. Using the midpoint method, the price elasticity of demand for good A is Q 1.50, and an increase in price will result in a decrease in total revenue for good A. Q 0.67, and an increase in price will result in an increase in total revenue for good A. Q 0.67, and an increase in price will result in a decrease in total revenue for good A. Q 1.50, and an increase in price will result in an increase in total revenue for good A. Question 10 0.5 pts Consider luxury weekend hotel packages in Las Vegas. When the price is $250, the quantity demanded is 2,000 packages per week. When the price is $280, the quantity demanded is 1,700 packages per week. Using the midpoint method, the price elasticity of demand is about 0 0.70, and an increase in the price will cause hotels' total revenue to decrease. Q 1.43, and an increase in the price will cause hotels' total revenue to increase. 0 1.43, and an increase in the price will cause hotels' total revenue to decrease. Q 0.70, and an increase in the price will cause hotels' total revenue to increase