The table below indicates the supply schedule fo*oufcds -w( . y mlb8yzytd(9a7woz23r oranges

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 deterj dxb1z6ozz/q:(gf i 1minant of price elasticity of supply (PES).q gzd(j :fz 1ibx/o1z6

  Assume the price elastici)hm;fq 1jx y)gty of demand (PED) for a home cleaning service changes from 1.81.8 to 1.21.2. Which mqf 1 ;)hgjyx)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, asbbmv(h8j/ ( uoog70dasume the income of consumers increases by 10% and quantity demanded bhov (70u/j8db(aog m of the good increases by 5%. 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 pricefuil1* qh-kl:xz.j :j1a 8ie ptoge;7 elasticity of supply (PES) for primary commodities is generally lower than kz.8jgljxuf:a:o711h;iei * -qp etlthe PES for manufactured products.

  

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 Smokeland, the goa1ybv3q e87c /-/;6rl9lzqd -q bhrmztihga( vernment implements high indirect taxes on cigarettes to deter consumption. Strict regulations on m -lh(/rba3/6zvd7-9;agtl hr c8e zq1ibqyq advertising and promotion, 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 falls crm:xk:o;p1p 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 demanm::s)x d morfq(*k(xe d curve, which of the following will occur when the price is lowereqo mf(r(:)* sekm: dxxd?

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

  For a 5% decrease in the pquzs(.msolfn-h- 7xg v:9 ed7rice of a good, assume the price elasticity of demand (PED) is −1.95. Which group of outcomes below correctly (-uhss.d7zlv9m-:qog e xfn7 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 beca)x* xs/cnjt d2s8ca 7fuse
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 s4wa:ht:a ,e n c;w ps+hpwuo*)upply because
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/t kc18c 6wldn of supply is 3 when the price of a product increases from/tn c8 lk1dw6c $\$$40 to $\$$42.
If the change in quantity supplied is 270, how many units of the product will suppliers produce at the current price?