1. Suppose a consumer has the following demand curve:Q = 120 - 4P.What is the ABSOLUTE VALUE of the Price Elasticity of Demand when P = 6?Round your answer to two decimal places.
2. Suppose there are two goods available, Good X and Good Y.The price of Good X is PX= $4.The price of Good Y is PY= $5.If the horizontal intercept of the budget constraint is 60, how much money does the consumer have available to spend?(Enter only a number, do NOT enter a "$" sign.)