1. 1. Suppose a rise in the price of peaches from $5.50 to $6.50 per bushel decreases the quantity demanded from 12,500 to 11,500 bushels. The price elasticity of demand is equal. ......... 2. Complete the table; Production Variable Fixed Cost Total Cost Units Cost 0 . . . .. .... . . . ...... 80 2 40 . ........ ......... 60 . . ....... .........: 3. The marginal cost at output levels 2 & 4 respectively are.........&.......... 4. The average variable cost at output level 2 is......... 5. The average total cost at output level 4 is.......... 6. The durable good that could be considered as a factor of production and used to produce another goods is called........... 7. The total revenue..........if the quantity demanded ............in an inelastic market. 8. If a rightward shift of the supply curve leads to a 6 percent decrease in the price and a 5 percent increase in the quantity demanded, the price elasticity of demand is........... 9. A vertical supply curve indicates an elasticity of supply that equals....... While a horizontal supply curve indicates an elasticity of supply equals......... 10. If at a price of $10 the quantity supplied of pretzels is 400 per day, and at $20 the quantity supplied is 500 per day, thus the price elasticity of supply would be