If price increases from $3.00 to $4.00, and quantity demanded falls from 600 to 200 cups: a. The price elasticity of demand will (according to the mid-point method) be 0.29 and inelastic b. The price elasticity of demand will (according to the mid-point method) be 3.5 and elastic c. The price elasticity of demand will (according to the mid-point method) be 3.5 and inelastic d. The price elasticity of demand will (according to the mid-point method) be 0.29 and elastic

Use the data in the table below to answer the following question. Price Quantity Demanded$20 1218 1716 2014 2412 3010 368 406 444 48 The price elasticity of demand (based on the midpoint formula) when price increases from $6 to $8 isMultiple Choice-3.29.-1.37.-1.-0.33.

Suppose the price of product X is reduced from $16.00 to $12.00 and, as a result, the quantity of X demanded increases from 300 to 450. Using the midpoint method, the price elasticity of demand for X in the given price range is:Group of answer choices1.401.000.400.29

a. If price elasticity of demand is -1.6 and price increases by 2 percent, quantity demanded will  by . b. If price elasticity of demand is -0.8 and price decreases by 2 percent, quantity demanded will by .

Question 2If demand is elastic, then a 5% increase in price will cause:1 pointa decrease in quantity demanded of more than 5%.a decrease in quantity demanded of less than 5%.no change in quantity demanded.a decrease in quantity demanded of exactly 5%.

The price of chicken breast rises from $3.00 to $3.60 per pound. In response to the price change, the demand for chicken breast falls by 25%. Based on the midpoint method, the absolute value of the price elasticity of demand for chicken breast is _____, and the price elasticity of demand is _____.Question 4Answera.1.38; inelasticb.0.73; elasticc.1.38; elasticd.0.73; inelastic