1-Using the midpoints method, calculate the price elasticity of demand of Good X using the following information: When the price of good X is $50, the quantity demanded of good X is 400 units. When the price of good X rises to $60, the quantity demanded of good X falls to 300 units.

The price elasticity of demand for good X = 0.64.

The price elasticity of demand for good X is 1.75

The price elasticity of demand for good X = 1.57.

The price elasticity of demand for good X = 1.23.

2-If demand deceases and supply remains constant, what happens to the market equilibrium?​

Quantity and price both fall.

neither price or quantity will change

Quantity rises and price falls.

Quantity and price both rise

3-In a market with relatively inelastic demand, if the supply curve shifts due to a fall in production costs, the equilibrium price will ________ by ________ than equilibrium quantity.

Question 24 options:

decrease; more

increase; more

increase; less

decrease; less