Please show all your work including
all the formulas you used to derive your answers.
For each of the following, identify where demand
is elastic, inelastic, perfectly elastic, perfectly inelastic, or
unit elastic:
(a) Price rises by 10 percent, and the quantity demanded
falls by 2 percent
(b) Price falls by 5 percent, and the quantity demanded rises by
4 percent.
(c) Price falls by 6 percent, and the quantity demanded does not
change.
(d) Price rises by 2 percent and the quantity demanded falls by
1 percent.