Cost (in dollars) 12 Plant 1 Plant 2 Plant 3 SRATC Refer to Figure 7-5. Which plant size is optimal for the firm to produce 2000 basketballs each week? Plant 4 SRATC₂ SRATC SRATC 500 1000 1500 2000 2500 Basketballs Per Week LRATC

The demand for a product is more elastic if the product represents a small portion of the individual's budget. O more elastic if it is over a short time horizon. O more elastic if there are many substitutes for product. O more elastic if there are few substitutes for product. E P tv MacBook Pro 30 F7 F8 F6 FS %24 & %2* 7

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You have data on Meena's quantity demanded for craft beer and theirincome. According to this data when Meena's income falls by 7% theassociated change in their quantity demanded for beer is 11%. You don'tknow if it is an increase or decrease in quantity demanded. From pastresearch you know that craft beer is a normal good for Meena. Use thisinformation to calculate Meena's income elasticity of demand.