The table below indicates the supply schedule for orangeq.5 ne6k cddtdr2l3 x8s

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 dekrgx,h77jif/g; lf:,lm* h vidgl;l 5terminant of price elasticity of supply (PES:d lx;r5,v lig /lh;mk i* ghl7,f7jfg).

  Assume the price elasticity of demand (PED) for a home cleanf6 jwz0je vq: 9py)p4hing service changes from 1.81.8 to 1.21.2. Which of the following statements explaih4q9p zv)6:p0 e ywfjjn 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 increbo.ed 0r-rh* iases by 10% and quantity demhr0-ibor *e.d anded 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 nis lnkc e2+ j/td.*:z/k*5z es:vjofwhy the price elasticity of supp+jd5z*j o:t ce *k/l/zf2in nvss ke.:ly (PES) 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,+q/meg 6pq c5j 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, + gjmpq56ecq/ 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 frtz1du,l 3;b7ies/ gufmh7w, hom $\$$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 ,x84 tuka7 qz)t kf5 3exczyn0 o6+cdzwhen the prictd3oc)t4 ue zz5+6fyz 08nqxc k7k,ax e is lowered?

  
Which point on the Engel curve above identifies the situation where blankets are a luxury good?

  For a 5% decrease in8pa bbvl56j8q+qgr-z0 o4a ug the price of a good, assume the price elasticity of demand (PED) is −1.95. Which group of outcomes below correctly determines the impact of the change i ub4oj g6 rabz58av+pg- lqq08n 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 s4qum8ni wmo1y/ ueo py-276lmupply 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 elazw4lrh4 gql 2;;r/slj t+f5tjstic 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 elastrybf3j sx 7 +48.ih:u:,ihrok9 b rumnicity of supply is 3 when the price of a product increb9hub:ri4:sx .hr8,7ju y n3oir+m kfases 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?