The table below indicates the supply schedule for o5fc8ip c( 6voayy0b *98jhe zwranges

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 suppoi s2xldo1:dcv:n u3) a9- tgdly (Pd:o d:o9 ailcdx)1tu gvn2s 3-ES).

  Assume the price elasticity of demand (PED) for a home cleaning servicxm750:1ha *qvep*is 2vbe*.x dqtc afe changes from 1.81.8 to 1.21.2. Which of the following statements05bqec1teas2 va7* vh *.q:xfdimpx* 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, assume the income d aa;ego;) 2zmof consumers increases by 10% and quantity demanded of the good increases by 5%. Calculz);oa g ;a2medate the income elasticity of demand (YED), and state the type of good it is.

  Identify which of the following are valib9n/epavk 0imjokh p /4.nn /8d reasons why the price elasticity of supply (PES) for primary commodities is generalk o/ma4 hj 0pbnp//8ni ken.9vly 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 Smokelae5oiq 8,id :bund, the government implements high indirect taxes on cigarettes to deter consumption. Strict regulations on advertising and ,bi5e qidu o8: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 fu1e+q ducv.c: ;h 7in;:w)c t fszx)lxrom $\$$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 occijqn) rwdr iq+-,c 6u6ur when the pricirj,u n qw6 cqi)rd+-6e is lowered?

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

  For a 5% decrease in the py5(fsr2zh*qj,8bp4g baw o zd( 6s;qyrice of a good, assume the price elasticity of demand (PED) is −1.95. Which group of outcomes below correctly determ;a 6 *q4rjszdqbyp (8gzhy(fb2 ,sow5ines 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 zn9n9 1kdtsd qi .sfe5ez )jy,(h73cl supply because
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 suppl(ux/* .ipwm vad34len 3/vns ey 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 supply is 3 when the price tuk2r, +0mm; dyl r3my;ny .ljof a product increy+lyutly3 m;. djmr ;,n 2kmr0ases 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?