Question 1: Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Quantity Demanded Quantity Demanded (business travelers) Price (vacationers) 2,100 tickets 2,000 $150 1,000 tickets 200 800 250 1,900 600 300 1,800 400 a) As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the Arc-Elasticity in your calculations.) b) Why might vacationers have a different elasticity from business travelers?

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11. Calculating the price elasticity of supply Yakov is a retired teacher living in Houston who works as a caddy to supplement their normal income. At an hourly wage rate of $40, they are willing to caddy 1 hours per week. Upping the wage to $65 per hour, they are willing to caddy 4 hours per week. Using the midpoint method, the elasticity of Yakov's labor supply between the wages of $40 and $65 per hour is approximately means that Yakov's supply of labor over this wage range is which

7.you are the manager of a feed store in Millican and the supply cost of Purina cattle mineral is increasing. a. You must fill in the following table and answer the following questions. The elasticity of demand is -1.50 (hint: use this to calculate the quantity demanded when the sales price changes B.

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Graph Input Tool (? S+ Tax Market for Jeans 100 90 I Quantity (Pairs of jeans) 10 Supply 80 Demand Price (Dollars per pair) Supply Price (Dollars per pair) 66.00 0.00 70 60 50 Supply Shifter 40 Demand Tax on Sellers (Dollars per pair) 20.30 30 20 10 + ㅜ 10 20 30 40 50 60 70 80 90 100 QUANTITY (Pairs of jeans) PRICE (Dollars per pair)

For a cement firm, the total revenue for the previous month was $6300  The price per unit of cement is $30 What quantity would the firm have sold?

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Calculate the value of total revenue when average revenue is $77 and the no of units sold is 7