7. Which of the following statements is (are) correct? (x) If the coefficient of price elasticity of demand has a value of 1, then the absolute value of the percentage change in price equals the absolute value of the percentage change in quantity demanded. (y) The coefficient of price elasticity of demand for a vertical demand curve equals zero because the quantity demanded does not change as the price changes. (z) The midpoint method is used to compute elasticity because it gives the same answer regardless of the direction of change A. (x), (y) and (z) В. (x) and (y) only С. (x) and (z) only D. (y) and (z) only E. (z) only

11.) In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand 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 demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? 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, anddeadweight loss?

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Worldwide annual sales on smart phones over a two year period were approximately q=-5p+3090 million phones at the selling price of $p per phone. (a) obtain a formula for the price elasticity of demand E. E=______ (b) in one of the years the actual selling price was $355 per phone. What was the corresponding price elasticity of demand? E=______ The demand is going (up/down) by about _____% per 1% increase in that price level.