If the price of coffee increases from $2.50 per cup to $3.00 per cup and the quantity demanded goes down from 120 cups per week to 115 cups per week, the absolute value of price elasticity of demand in that price range is approximately

Oatmeal is a normal good and cold cereal is a substitute for oatmeal. Raisins are a complement for oatmeal. Which of the following increases the demand for oatmeal?

A) an increase in the price of raisins B) a decrease in income C) a decrease in population D) an increase in the price of cold cereal

If tablets have an absolute price elasticity of 1, the demand for tablets is

A) unit elastic. B) inelastic. C) perfectly elastic. D) elastic.