Q. For each of the subsequent, identify where demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic: (a) price rises by 10 percent also the quantity demanded falls by 2 percent; (b) price falls by 5 percent also the quantity demanded rises by 4 percent; (c) price falls by 6 percent also the quantity demanded does not change; (d) price rises by 2 percent also the quantity demanded falls by 1 percent.

Q. Set all variables to their baseline values. Elucidate how much money do consumers want to spend on spaghetti when the price is $25?