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What would happen in the market for bicycles if the price of electric scooters (which are a substitute for bicycles) fell?

a.

Equilibrium price and equilibrium quantity would both rise

b.

Equilibrium price and equilibrium quantity would both fall

c.

Equilibrium price would rise and equilibrium quantity would fall

d.

Equilibrium price would fall and equilibrium quantity would rise

If Noor will buy 2 pillows at a price of $30 each but will buy 3 pillows at a price of $25 each, what is the value of the elasticity of her demand for pillows?

a.

0.45

b.

3.00

c.

2.20

d.

0.33