6. If the elasticity of supply is .5, and the quantity supplied has
increased by 15%, what is the percent change in price?
7. Suppose a 2 percent increase in price leads to a 12 percent
increase in the quantity supplied, what is the price elasticity
and is it elastic, inelastic or unit elastic?
8. Suppose a 5 percent decrease in quantity supplied is caused
by a 15 percent decrease in price, what is the price elasticity
and is it elastic, inelastic or unit elastic?
9. Suppose a 9 percent increase in price leads to a 3 percent
decrease in the quantity demanded, what is the price
elasticity and is it elastic, inelastic or unit elastic?
10. Suppose a 20 percent increase in quantity demanded is
caused by a 5 percent decrease in price, what is the price
elasticity and is it elastic, inelastic or unit elastic?