11.) In the market for cars, the price elasticity of supply is +1.5, and the price elasticity of demand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million. (a) Assuming supply and demand are linear, reconstruct and draw the supply and demand curves. Label the intercepts. (b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after the tax? What is the new equilibrium quantity? Illustrate them on the same graph. (c) How big is the change in consumer surplus, producer surplus, government revenue, and deadweight loss?

(a)    Due to the increase in the demand for video games, the equilibrium price of video games increases by 10 percent, and the equilibrium quantity increases by 5 ercent.                                                                                         Is the price elasticity of demand for video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible).  Is the price elasticity of supply of video games elastic, inelastic, or indeterminate? Explain your answer (with calculation if possible).          (b)   Suppose Marcus produces chocolate with two inputs: factory and labor. If the workers become more productive with better training, state whether the average fixed cost, average variable cost, average total cost, and marginal cost will rise or fall?      (c)    After one month of operation, OU Café determined to shorten its business hours and close on weekends. What costs, fixed or variable, should OU Café have considered when it made the de

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Suppose that the price elasticity of demand for a packet of cigar is -0.85 and the price elasticity of supply is 1.5 at market equilibrium. As a result of an increase on sales tax, the new equilibrium price rises by 15%. (a) What is the percentage change in quantity demanded of cigar? Show your calculation.

Question 2 2. The basic formula for price elasticity is: O The percentage change in quantity demanded divided by the percentage change in price. O The percentage change in income divided by the percentage change in price. The percentage change in price divided by the percentage change in quantity demanded. O The change in quantity demanded divided by the change in price. « Previous Next Quiz saved at 8:59pm Submi %23

If we have a cross-price elasticity of demand of CeD +7.5, which combination of products would best fit with this  value?     (a) Cabbages and cauliflowers (b) iPhone and iPhone charger (c) Washing powder (for clothes) and washing up liquid (for crockery/cutlery) (d) A chicken microwave meal and a vegetarian microwave meal

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