The table below indicates the supply schedule for orangj2yyk(jh 8; ls t:)lgxes

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 foll;30lw5xe sgmfowing is a determinant of price elasticity of supply (PES)lefs x0w ;g3m5.

  Assume the price elasticity of demand (PED) for a home clean;5:(0ncwoh(qthpp pk+etr5f v;.+ phrd1w ixing service changes from 1.81.8 to 1.21.2. Which of (p 1w(+t;iveq 5 :hw0 d ntophph+xck;r.p r5fthe 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 cons+:ga2 vb bl/ rrtyalaa4/ 9pd2umers increases by 10% and quantity demanded of the good increases by 5%. Calculate the income elasticity of b/p a+ 4a2dlry t2vgarab9 /:ldemand (YED), and state the type of good it is.

  Identify which of the following are valid reasons why t60 usscb+x j8m z6:xfxczx. m5he price elasticity of supply (PES0sx5csm6 x+c 6f. mxx8 bzzuj:) for primary commodities 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 gove91kd):vr*w rkdbuh: ernment implements high indirect taxes on cigarettes to deter consumption. Strict regulations on advertising and promotion, coupled with public health : :hwu )b*r91derkd vkprograms 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 fallj;: gptb,brx-s 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 0 /sg,oj2hq8mxg7jh0igpp 4s following will occur when the price is lowere70j 8spgsj2imhg,xq 0g/h4op d?

  
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 elas;ftv(r8 lf4 jdticity of demand (PED) is −1.95. Which group of outcomes bet lrdvj8f4( f;low 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 su((d9.l* y rfx6vkzrbfpply 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 mlva7zgf j8t. )0wmn tykei: 3x2.kevmb:64nsupply 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 pric/vlv7k6+gse /k,ffq z8)fw fpe of a product increases )+k gvf/,zkpe 6fwff7 l/vq8sfrom $\$$40 to $\$$42.
If the change in quantity supplied is 270, how many units of the product will suppliers produce at the current price?