can you assist on attached Please answer the following questions on Elasticity (LU5):A decrease in the from R1,50 to R1,20 results in the demand for the good increasing by10%. Calculate the price elasticty of demand for this good.1.a) 2b) 1c) 0,5d) 3A firm increases its price from R8 to R12 resulting in a fall in demand by 20%. What isthe price elasticity of demand for this product?2.a) 0,4b) 1c) 2,5d) 1,53.What type of good would you expect to have a negative income elasticity of demand?a) Normal goodb) Inferior goodc) Luxury goodd) Giffen goodIf the disposable income increases by 5% and the income elasticity of demand is 0,5,what change in demand would we expect to see?4.a) 10%b) 5%c) -5%d) 2,5%If a decrease in price does not lead to an increase in revenue, we might conclude thatthe demand for this product is?5.a) Price inelasticb) Income inelasticc) Price elasticd) Income elasticIf the price elasticty of demand for a good is -2.5 and the firm cuts the price of thisgood by 5%, what change would we expect to see in the demand for this product?6.a) Increase of 2%b) Increase of 12,5%c) Increase of 0,5% d) Increase of 10%If the price elasticity of demand for a good is -0,5 and the firm increases the price ofthis good by 10%. What change would we expect to see in the demand for this product?7.a) Increase of 20% b) Increase of 5%c) Decrease of 10% d) Decrease of 5%If the price elasticity of demand for a product is -2,5 and the firm increases the price ofthis good by 5%, what will be the change in the demand for this product?8.

As you have not mentioned the exact question to answer as per our policy I am answering first three…

A decrease in the from R1,50 to R1,20 results in the demand for the good increasing by 10%. Calculate the price elasticty of demand for this good. 1. а) 2 b) 1 c) 0,5 d) 3 A firm increases its price from R8 to R12 resulting in a fall in demand by 20%. What is the price elasticity of demand for this product? 2. a) 0,4 b) 1 c) 2,5 d) 1,5 3. What type of good would you expect to have a negative income elasticity of demand? a) Normal good b) Inferior good c) Luxury good d) Giffen good