1. Suppose the price of good x has increased from Php5 to Php10 per unit. Using the illustration below, compute the price elasticity of demand using the midpoint elasticity formula. Is the demand for the good elastic, inelastic or unitary elastic? 10 5 20 25 2. If the price of hamburger increases by 16% and the quantity demanded decreases by 6%, what is the price elasticity of demand? Is it elastic, inelastic or unitary elastic?

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Q: what is the income elasticity of demand for automobiles

A: Q2=3 Q1=1 Y2=50000 Y1=25000