1. Suppose Mr. Baker sells cheesecake to local dinner clubs and restaurants. The demand for his cheesecakes is Qd = 90 - 4P. Due to the increased cost of production, Mr. Baker had to increase the price of cheesecake from $15 to $20 per pound. What is the price elasticity of demand for cheesecake? (Use the mid-point price elasticity formula)

Select one:

a. -3.5

b.-0.125

c.-0.286

d.-8.0

2. Demand and supply equations for patties are given as Qd = 500-2P and Qs = 2P-100 respectively. What is the equilibrium quantity for patty?

Select one:

a. 300

b. 200

c. 100

d. 150

3

Apples/hour Carrots/hour Willy BillyThe table below shows the price and the yearly quantity of UTech souvenir T-Shirt sold on the Papine Campus along with the average income of the customers who purchase these T-Shirts Quantity of T-Shirt Quantity of T-Shirt Price of demanded when demanded when T-Shirt income is $20,000 income is $30,000 US $4 3.000 5,000 US $5 2.400 4.200 Refer to the table and Choose 'T' if the statement is true and 'F' if the statement is false (Use the midpoint method to calculate elasticity)Fish Coconuts Moll V 6 units units Pete units 2 units