1. The own-price elasticity of supply is calculated by a. determining the slope of the supply curve b. dividing the change in quantity supplied by the change in price C. dividing the percentage change in quantity supplied by the percentage change in price d. dividing the percentage change in price by the percentage change in quantity supplied 2. Scuba, Inc., lowered the price of a tank of compressed air by 20%. It sold 20% more tankfuls. The price elasticity of demand for compressed air is a. 2 b. 1/2 C. 1 d. 20 3. A good will tend to be more price elastic if a. it is a luxury b. there are no close substitutes for it it is a small part of the household budget d. it is a necessity 4. For which of the following pairs is the cross-price elasticity of demand positive? a. theater tickets/movie tickets b. air travel/train travel C. natural gas/coal d. all of the above 1 Focus