The table below indicates k/sely.n j4piwgy v)w we;).9the supply schedule 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 pricecb7 r a3kloe.: elasticity of supply (PES):3l7a.rb ce ok.

  Assume the price elasticity of demand (PED) for a home cleaning service pavg2d + y-k5l:x)nhn(ruw q 8changes from 1.81.8 to 1.21.2. Which of the following statements explain this c)nq dl +h-y arv(kwnp2gux85:hange?
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 ojzgvm-if)67ui (vyt 5)c/yq xf consumers increases by 10% and quantity demandxtig y)y/u cq5jv v-zmi7f (6)ed of 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 trla r4:i+jhijo5 kv*e q +z7r)he price elasticity of supply (PES) for primary commodities is generally lower than the PES for maqj*ov7zri5herjr a+ +l 4) :iknufactured 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 goveq hl1 fs0t2gjtm26 ;42vwp4zomwb*wj rnment 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 to reduced smoking rates and improved public o46p42bq 0wlt2hmzwsjg;1jw * ftv2mhealth outcomes.
Which of the following is not a possible outcome of these forms of government intervention?

  The price of a product fajqa2uw;cr j:9 j4y 1(ius.(o k7kj yallls 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 thh0q :*-0utolv7iyql rl *2yf pe price f: 0y-hlr7 y0 i2vut *qlpqol*is 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 of dema9w1(8mq-j3ayq utwuk nd (PED) is −1.95. Which group of outcw ytqajmw-9ukq 13 (u8omes below 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 supply becaugxdn):d i yz10ddpo0ud8 1)hfse
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 suevnd 7dsbx7acx 3: ,u1pply 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 of aw 1mjrrm9. f7m*2k mro product increa j9m27rrm. mk*mfo1 wrses 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?