Figure 5-17 18 7 5 Price 50 B Supply 100 150 200 250 300 350 400 450 Quantity Refer to Figure 5-17. Using the midpoint method, what is the price elasticity of supply between point A and point B? O a. 1.67 O b.2.16 Oc04 Ⓒd.0.6

Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market. Tequila Price Quantity Demanded Quantity Supplied 10 100 15 70 10 20 42 22 25 12 35 30 48 What is the equilibrium price? O a 23 dollars O b 43 dollars Oc 13 dollars 33 dollars ME 国 国

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At a price of $1.20, a local coffee shop is willing to supply 100 cinnamon rolls per day. At a price of $1.40, the coffee shop would be willing to supply 110 cinnamon rolls per day. The price elasticity of supply is Select one: O a. 0.6 O O b.6 C. 60 d. 60.6

If a 12% rise in the price of grape juice increases the quantity of orange juice demanded by 8%, what is the cross-price elasticity of demand for orange juice with respect to the price of grape juice? Is the demand inelastic or elastic? ion Select one: O a. 0.67 and elastic O b. 0.67 and inelastic O C. 1.50 and elastic O d. 1.50 and inelastic age Next page Australian Institute of Business

Price (dollars per dozen) 30 50 Quantity supplied (dozens per day) 8 12 The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is O 0.80. O 0.20 O 1.25. O 5.00.

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The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 20 18 16 14 O ∞ 4 2 0 ┫ 0 O N M E * A L B M N O + 2 + 4 + cxxo 6 10 12 14 8 QUANTITY (Units) 16 Đ 18 20

Price (Dollars) 12 10 8 2 0 0 O 0.5 01 O 1.25 02 5 offer 4,10 8,8 10 ma Assessments Torro. Demand for Product Z 16,6 20 15 Quantity (Pounds) 25 What is the price elasticity of demand when price increases from $8 to $10? O 0.4 24,4 ✓ Gradebook 30 30,2 35 Email 25 Tools -

4. The following problems are based on the demand and supply schedule for gum listed below. All quantities are in millions of packs of gum per month. Quantity Demanded 180 Price |Quantity Supplied $0.20 30 60 90 $030 160 $0.40 140 $0.50 120 120 $0.60 100 140 $0.70 80 160 $0.80 60 180 a) Suppose that the quantity demanded rises by 40 million packs of gum per month at each price. b) Draw the initial demand and supply curves as given by the table above. Call this graph Graph 1. Label this demand curve D1, and this supply curve S1. Draw the new demand curve given by this change, labeling it D2. Show the new equilibrium price and output, labeling this point A. Suppose that the quantity supplied rises by 50 million packs per month at each price, while the quantities demanded retain their D1 values. On a new graph (labeled as Graph 2), draw D1, S1, and the new supply curve, S2. Show the new equilibrium output and price, labeling this point C.