The table below indicates the supply schedgc75 /kblskwc+(q b3u/ jatw1n f7e4oule 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 elasticit+8z5 e zmr tkh:2) i9czoux2aay of supply (Ph8 oa z29)ia xcr+ezk: 5mzut2ES).

  Assume the price elasticity of demand (5vg itf3k8* s sg/wtq*6eod,xPED) for a home cleaning service changes from 1.81.8 fxt g, wv5*d*q /g6stko3eis8to 1.21.2. Which 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, assume the income of consumers increases bdvm,hj .u9py-r im. 8(hzrn lfn/5)jky 10% and quantity demanded of 5j .y -hziv9d8urkn(pn /m,hl)fmr.j 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 price elayxkt8s(bcs gke5 s9 94ol 0xaw/) m1qdsticity of supply (PES) for primary commodities is generally lowexgbq9 l98sx5 ( ck0o)sy4kwesa1md/ tr 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 country3u urz7y:aby8;-krle) t0 ed pspd;2q of Smokeland, the government implements high indirect taxes on cigarettes to deter consumption. Strict regulations on advertising and promotion, coupled with public health programs funded by tax revenues, lead t eber -3)q2;8tuldzpa0pksy :7;ryd uo 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 hn3h -dsnroe7/mm.)dk-7yq w 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 h5flvd;n. ien238r o wthe following will occur when the price is3w;8rno5fnh v.idl e2 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 g3 g2fur xdaw p*4v3a:bood, assume the price elasticity of demand (PED) is −1.95. Which group of outcomes below 4p a d3wbr vu*ga23fx:correctly 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 supx5vvz p6q gl1f:83 ecrply 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 a41x0(r m ysa*no0jo f1fh9xlelastic 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 /r5: - j jlgz 9iq,rkaeqk6j6x/ieh/; isrqy9when the price of a product increases fromi9kehlgyi-69q 6;rs/ a:i/e jr kqjz r,qx5j/ $\$$40 to $\$$42.
If the change in quantity supplied is 270, how many units of the product will suppliers produce at the current price?