Use the following information to answer questions B and 9: Suppose that a store decreases the price oflaundry detergent from $4.10 to $3.50. As a result, quantity demanded increases from 210 to 230. 8. Using the mid-point approach, calculate the percentage change in price. 9. Using the mid-point elasticity approach, calculate price elasticity of demand. Your answer should be expressed in absolute value terms. Use the following information to answer questions 10 and 11: Consider the following demand schedule for shoes. am Demanded $10 365 345 325 10. Suppose that the store increases the price of shoes from $25 to $3 U. Using the mid-point approach, calculate price elasticity of demanded. 11. Suppose that the store increases the price of shoes from $25 to $30. Based on this information, the demand curve would he classified as [select one): a. inelastic b. elastic c. unit elastic 12. Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied decreases from 260 to 130. Using the mid-point elasticity approach. calculate price elasticity of supply 13. Consider the following supply schedule for shoes. Quantity Supplied $5 425 $10 445 - 4-55 $20 485 505 525 5-55 Suppose that the price of shoes increases from $25 to $30. Using the mid-point approach, calculate price elasticity of supply. 14. Suppose that when income increases from $29 00 to $3 25 0, quantity demanded changes from 210 to 270. Using the mid-point elasticity approach, calculate income elasticity. 15. Suppose that the income increases from $29 00 to $3250. As a result, quantity demanded changes from 2 10 to 270. Based on this information you can tell that this product is [select one): a. a complement b. normal c. a substitute d. inferior 16. Suppose that the price of one product increases from $1] to $42. As a result, quantity demanded for another product changes from 2.60 to 180. Based on this information you can tell that these two products are [select one]: a. complements normal substitutes b c. d . inferior 1?. Suppose that when the store increases the price oflaundry detergent from $2.50 to $3.90, quantity demanded decreased from 210 to 130. What is the change in total revenue as a result of this price change? Make sure to include a negative sign in your answer if necessary. 18. Suppose that you know that the price elasticity of demand is 1.3. If we increase the price of the this product, then the total revenue will [select one): a. in crease b. remain unchanged c. decrease