Assume that the demand for plastic surgery is price inelastic. Are the following statements true or false? Explain your answer for full credit.
1) When the price of plastic surgery increases, the number of operations decreases.
2) The percentage change in the price of plastic surgery is less than the percentage change in quantity demanded.
3) Changes in the price of plastic surgery do not affect the number of operations.
4) Quantity demanded is quite responsive to changes in price.
5) The marginal revenue of another operation is negative.