The EpiPen is a life saving device used by people with severe allergies. The U.S. producer of the EpiPen raised its price by nearly 25% per year for almost ten years. For each price increase of 25%, would quantity demand change by more or less than 25%? Why? Suppose the town of Lenmore is hit by a tornado that destroys 25% of its housing. Would you expect the total expenditure on housing in Lenmore to be greater than, the same as, or less than it was before the tornado hit? Explain your answer. Using the determinants of the price elasticity and your own reasoning to judge whether each of the following products is elastic or inelastic: Ketchup b) Bottled water Toothpaste d) Colgate tooth paste Covid vaccines f) Diamond bracelets Movie theatre tickets According to (made up) statistics, the sale of energy efficient cars fell between 2015 and 2019 by 20%. At the same time, the price of gasoline fell by 15%. What does that tell you about the cross elastic of demand for the two products? What can you conclude about the price elasticity of demand from each of the following statements: The Pizza business in town is very