For the following questions answer them individually
A tyre tube manufacturer faces a -1.6 price elasticity of demand for its tubes. It is presently selling 24000 units/month. If it wants to increase quantity sold by 4%, it must lower its price by ________.
Consider the market for new two-wheelers. If the price of steel increases, then the equilibrium price of new two wheelers will __________ and the equilibrium quantity will ___________.