Table: Price Elasticities Refer to the Table

Essay

Table: Price Elasticities $$\begin{array} { l l l } \hline & \text { Good X } & \text { Good Y } \\\hline \text { Price elasticity of demand } & 0.5 & 1 \\\text { Price elasticity of supply } & 1 & 0.5 \\\hline\end{array}$$
Refer to the table. Use the information provided to predict the following:
a. The percent change in price (P) when there is a 2 percent rise in the quantity demanded for Good X.
b. The percent change in price (P) when there is a 5 percent fall in the quantity demanded for Good Y.
c. The percent change in price (P) when there is a 5 percent fall in the quantity supplied of Good X.