A company named The Mad Hatter decides to increase the price of its hats from $28 to $38 per hat. As a result of this change, the quantity demanded of hats drops from 153 to 108 hats. What is the price elasticity of demand for its hats? (Use the midpoint method for your calculations and round your answer to two decimal places.)
The price of raisins drops from $18 to $5 per kilogram. As a result of this change, the quantity supplied drops from 291 to 191 kilograms of raisins. What is the price elasticity of supply? (Use the midpoint method for your calculations and round your answer to two decimal places.)
Mary buys 27 tuna sandwiches when her income is $36. Her income rises to $48 and now she buys 13 tuna sandwiches. What is Mary's income elasticity of demand? (Use the midpoint method for your calculations and round your answer to two decimal places.)
When the price of peanut butter is $4 per package, Oliver buys 8 jars of jelly. When the price of peanut butter changes to $19 per package, Oliver buys 6 jars of jelly. What is Oliver's cross-price elasticity of demand? (Use the midpoint method in your calculations and round your answer to two decimal places.)