The table below indicates the supply 3cef) fe o*r8vqan2x 9schedule 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 c(af-ke g.hp3 mlfvbt3* q14mof supply (PES)-h bmlfeqtmc(g avf13p.k3 *4.

  Assume the price elasticity of demand (PED) for a home h4+ -scybww x5cleaning service changes from 1.81.8 to 1.21.2. Which of the following statements expl4sbw5hy -c+wxain 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, assume the income of consumers incranph* pj; w5u. pad+:jkie3 xbbe5 x94eases by 10% and quantity demanded of the good increases by 5%. Calculate thd4;*n9jjpb exkuae5iwb +53 :px ap.he income elasticity of demand (YED), and state the type of good it is.

  Identify which of the following are valid reasons why the price eltjt 3ul-l4xjj+6 b1wzasticity of supply (PES) for primary4 16zx bljt- ju+3jtwl commodities 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 Smokeland, the government implements high indirec0,n py vf61 jm/owkp3tt taxes on cigarettes to deter consumption. Strict regulatwkm60p/,vjypt nf3 1 oions 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 fal+;2 x3qsu306a zu gfczhjp st/ls 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 of the following will occur when the prm.n gb0(hry(hgvy v,3ice is bvy(vh(, gnry3m.hg 0 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 good, assume t7e-tmxj x6 ly th; -nxtv70oi,he price elasticity of demand (PED) is −1.95. Which group of outcomes below correctly determines the impyt-oxe;tm7l-hixt , jx7v 0n 6act 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 becau up5m z)w-fh-od1/o yrse
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 snit1utk1 *q m-j r, 9gd7nrx+qupply 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 suqdgwvm a ;r;; 4nbdd8fk9wus ird +(3/pply is 3 when the price of a product incre3wrqa; ;m;v/ s89f(du+ idnwdbg rk4dases 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?