The table below indicates the supply schedule for oranges mmeu, j/-wjdyb/+ g4lstoa45

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 -+i.pgaoci e,a determinant of price elasticity of supply ( ipa +,c.-oegiPES).

  Assume the price elasticity of dema33 w e drz61phrmyqox+n,p9(u nd (PED) for a home cleaning service changes from 1.81.8 to 1.21.2. Which ox (oqzhyre9w+16 pdu3rp3 n m,f 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 b* iw xo fri6wv1(ir2:jy 10% and quantity demanded of thiijfx riow*126 ( wv:re good increases by 5%. Calculate the income elasticity of demand (YED), and state the type of good it is.

  Identify which of the foll ; *bt*6fq jvqu-lxy5xowing are valid reasons why the price elasticity of supply (PES) for primary commodities is generally lower than -v*j t6q 5qx*fyubx ;lthe 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 hi.)t us,ywa w)l98vao pgh indirect taxes on cigarettes to deter consumption. Strict regulations on spwwut)aa9v)yo l,8. 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 falls fr z6c9f) y4fuhxom $\$$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 followingw e+o-dtpcu0 5rgq* yw3o d/,b will occur when the pricew w/p*0 et+ ugr5-cd3oy ob,dq 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 olgio;0va,rp3 f demand (PED) is −1.95. Which group of outcomes below correctly determines the impact r0ovip,a l 3g;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 supp (wx-zoe8l1 n,e,s+88x p2s ffz un; fho8yfzuly 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 elasticxtl*g:39d kyvpo d:l) 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 when the priceys1x0wnr ,z,i of a product increasr0i1xz, , nyswes 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?