The table below indicates the supply v8bd vo k;8l)3dspu7kschedule for 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 determinant of price elasticity of supt+qr+6grt xx t4-s*) xenga3jply (PE 4r qtx+tga s6n-t)x*+jgrxe3 S).

  Assume the price elasticity of demand (PED) for a home cleaning servicah -c6qme3:yye changes from 1.81.8 to 1.21.2. Which of the following statements explaia:-e3ycqm6 hyn 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, a00,re mr+jqx0 a s,b tmqymk1mf,9e ;sssume the income of consumers increases by 10% and quantity demanded of the good increases by 5+f0m, q asq, jy k;mxrm0t0s,beem1r9 %. 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 ely sux j,l(je8n-ul7fu)+g b -wasticity of supply (PES) for primary commoditi-)eu xju wg+ l8,sn b7yjf(-ules is generally lower than the 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 Smo44mkkg. v :hrnkeland, the government implements high indirect taxes on cigarettes to deter consumption. Strict re4k4 kmr: gnh.vgulations on 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 fro z1rpa/ g; mt7b cttlui0i4+/tm $\$$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 of th+p7jpip l: pml9e8hb 2e following will occur when the price is lowered?hpl8epbj7p+m:ip l2 9

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

  For a 5% decrease in +of*o htoid 3/ dwiid7p2r/i9the price of a good, assume the price elasticity of demand (PED) is −1.95. Which group of outcomes below correctly determin+t7o3*do/ d/ rf ii 92hiwipdoes 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 becausv7 2 1shlbapir3,1 u0ngsds:re
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 supplyz xqy*a* /x1/, ffsrej 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 of -e2neh3rv x-u supply is 3 when the price of a product incrr vnuxe3-eh2- eases 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?