The table below indicates the supply .rlv to ; mn rb0hh998,ttir(dschedule 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 follo; w4ayj0u.exg2sypt9 wing is a determinant of price elasticity of supply (P;20eyx tu gayjp4sw 9.ES).

  Assume the price elasticity of demand (PE g-au8k k- )weg1yxy4vD) for a home cleaning service changes from 1.81.8 to 1.21.2. Which of the f-u xa8 )kwg4yykv1-geollowing 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, assume s dt(brm8fshmld*fe0c) )c*q3 c r1;nthe income of consumers increases by 10% and quantity demanded of tfsmc*rlm03 c( )nqc)d h8 ;se b*d1rtfhe good increases by 5%. Calculate the income elasticity of demand (YED), and state the type of good it is.

  Identify which of the followi:h :mrh6w 0szfng are valid reasons why the price elasticity of supply (PES) for primary commoditie: 6rs mhfwhz0:s 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 in 1 v-ezf0ow2ewudbj ,7direct taxes on cigarettes to deter consumption. Strict regulations on advertising and promotion, coupled with public health programs funded by tax redvz2uw ef-e7j01b o, wvenues, 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 produ)qd.dcbr0ge4c7oy8n(d +yfw ct falls 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 thefvq d wvny0x,/9 js*:h price isv f9nwqd*hx 0,jy:/s v 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 the price elasticity o )x:2csu:m/v df gec8wf demand (PED) is −1.95. Which group of outcomes below cu:x/g8 :s mwfd vcc2)eorrectly 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 becam )sdv2().dj imc i 5q 6zrguvezow5:ivz( 77ause
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 electronicswzkngz:/v. l - have price elastic supply 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 wh6) o0mwb/ ov (x6pl*yk vbogxsz;)e:sen the price of a product increases f( :o w 6v)es/xlp*vmzxg;0bko)6b ysorom $\$$40 to $\$$42.
If the change in quantity supplied is 270, how many units of the product will suppliers produce at the current price?