The table below indicates the supply schedule for 2u j q7ax.,l1qom3j sun6*bq coranges

Price(US$/dozen)	Quantity supplied (dozens)
6	20
7	28

Calculate the price elasticity of supply (PES) when the price of a dozen oranges increases from US$\$$6 to US$\$$7?

  Identify which of the following is a determinant of price t8t v wqkkf; cw4 -en+xve,k);elasticity of supply (PE,kqn; wevf 4e8-kx)+vwtk;tcS).

  Assume the price elasticity of demand (PED) for a home cleaning service changes zwwn snfi.13 8swxwx-+7v /twfrom 1.81.8 t731ws-ztwxxwnn+fws 8v. wi /o 1.21.2. Which of the following statements explain this change?
I. a competing firm increased its operating hours
II. a competing firm begins focusing on office cleaning
III. incomes of potential customers increase

  
What market that is most likely pictured in the diagram above?

  In the market for a good, assume4o5p i1nqr /: s-er94iomgwk w the income of consumers increases by 10% and quantity demanded of the good increases by 5%.r ri/4n5 :opi qs m4wek19wg-o Calculate the income elasticity of demand (YED), and state the type of good it is.

  Identify which of the following are valid reasons why the price eli 6+g /4*v n4bfcxcd*anl42jh:lxg muasticity of supply (PES) for primary commodities is generally lower than the PES for manufactured produbhfuid al/ng44**c cv xxl6n4m+2jg:cts.

  

Rrice	Quantity demanded
US$20	100
US$21	97

Calculate the price elasticity of demand for the product in the table above when the price increases from US $\$$20 to US $\$$21.

  In the hypothetical country of Smokel (h+rl0th icq900dl 28vhu1 tl3j4eshe :obfxand, the government implements high indirect taxes on cigarettes to deter consumption. Strict regulations on advertising and promoti:0+0vr4 d(qi3lele08 holchx f hts2tjb1hu9on, coupled with public health programs funded by tax revenues, lead to reduced smoking rates and improved public health outcomes.
Which of the following is not a possible outcome of these forms of government intervention?

  The price of a product falh h5)7a g t t2b*yr;i8qo;qyodjm6o/mls from $\$$30 to $\$$25, and as a result, quantity supplied decreases from 250 000 to 200 000. Calculate the PES and determine whether supply is price-elastic or price-inelastic.

  For a straight-line demand curve, which ofpa;.lwz c*vzi:qb9lw25j rfo5 i ;o9h the following will occur when the pricr pblz5 z 9wo :;9af .wij*52;qlhiovce is lowered?

  
Which point on the Engel curve above identifies the situation where blankets are a luxury good?

  For a 5% decrease in the price of a ndq:3eal.g 95cka1 2 k5a)hfer l5aykgood, assume the price elasticity of demand (PED) is −1.95.5ld k 3 nkek5.afyq)ch:e25 9ra la1ga Which group of outcomes below correctly determines the impact of the change in price of the good?

  

	Gizmos	Whats its	Widgets
Firm A weekly production	80	70	50
Income elasticity of demand(YED)	1.2	0.6	-0.4

Assume consumers' incomes fall, and the chief operating officer of Firm A recommends reallocating production inputs to reflect changes in demand. Which of the following recommended reallocations would lead to the greatest increase in sales for Firm A?

  Oil has price inelastic supply becaus*dgsyo z6ow cch596 ua 2h:r4pe
I. It has limited substitutes
II. It takes time to adjust production inputs
III. Production involves a high cost
IV. It is a necessity

  Consumer electronics have price elastic supply because q+xgtx ;hc* 41sshc4g
I. They are durable and can be stored
II. They do not take a long time to produce
III. They have a lot of substitutes
IV. They are luxuries

  
Which of the following statements correctly compares the supply curves above?

  Assume that the price elasticity of supp vdvx fg3b /sfd(3r5*pf, 1gtrly is 3 when the price of a product increar33 f(fx,/br *s vfdv5gdgpt 1ses from $\$$40 to $\$$42.
If the change in quantity supplied is 270, how many units of the product will suppliers produce at the current price?