Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. Seafood 2000 Qty. (lb) 2000 Price ($/lb) 2009 Price ($/lb) Halibut 75,290 2.01 2.33 Lobster 83,080 3.62 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut ? Lobster ?

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Price (per bushel) $10 9. 8 7. 6. 4 3. 21 2. 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) Reference: Ref 3-6 Figure The Demand and Supply of Wheat (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat. A price of will result in a

(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