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Week 2 Eco 100 lab homework question and answers1.When the price of CDs increased from $20.00 to $25.00the quantity demanded decreased from 75to 50units. Using the initial-value approach, the (absolute value) price elasticity of demand is 1.332. If the price elasticity of demand is 0.50, a 10 percent decrease in price will quantity demanded by percent (enter your response rounded to one decimal place).3. On the upper portion On the upper portion 4. If a 55 percent increase in the price of natural gas increases the quantity of residential electricity demanded by 15percent, the cross-price elasticity is