10. (Figure 2.9) The price elasticity of supply at $4 is: Price $12 11 10 S -NWAVIAN OOD O 1 2 3 4 5 6 7 8 9 10 Quantity Oa. 0.67. Ob. 0. Oc. 4. Od. infinity. 11. (Figure 2.10) What is the price elasticity of demand at point A? Price $12 11 - 10 - J WA Slope = -1.3 0 2 3 4 5 6 7 8 9 10 Quantity Oa. -2.6 Ob. -1.54 Oc. -3.2 Od. -0.712. If the inverse demand curve for a good is given by P = 100 4Q, the price elasticity of demand is elastic at a price of and inelastic at a price of 0a. $35330 Oh. $50; $50 00. $40;$60 Od. $55;$35 13. On some days Gus makes his own salad for lunch, preferring to use either iceberg or romaine lettuce, topped eff with lots of fresh tomatoes. The cross-price elasticity of demand for iceberg lettuce with respect to romaine lettuce is , and the cross-price elasticity of demand for iceberg lettuce with respect to tomatoes is On. zero; positive Oh. negative; zero 0c. negativc;positivc Od. positive; negative 141. (Figure 3.1) At a market price of $4, what is total consumer surplus? Price (S/bag of grapefruit) 0 10 20 30 40 50 60 70 80 90 100 Quantity of grapefruits (bags) Oa. $160 Ob. $320 Oc. $120 Od. $80 152. (Figure 3.4) The outward shift of the supply curve will cause consumer surplus to increase from area to area Price (S/pound) $50- 45- 40- 35- 30- 25- 20- C D 10- E 8 Quantity (pounds/day) Oa. B + C; F Ob. A + B + C+ D; D +F Oc. A + B; C + D Od. A; A + B + C+D8. (Figure 2.6) Suppose that the demand curve in both markets shifts out by the same distance. The change in price will be larger in , and the change in quantity will be larger in Market B Market A Price Price $10 $10- 10 Quantity 0 8 10 Quantity Oa. market B; market B Ob. market A; market B Oc. market A; market A Od. market B; market A 9. (Figure 2.7) What is the price elasticity of demand at point A and point B? Price $10 8 - 6- B D 4 6 8 10 12 Quantity Oa. point A = -0.50, point B = -0.50 Ob. point A = -1.0, point B = -2.0 Oc. point A = -2.0, point B = -0.50 Od. point A = -2.5, point B = -1.5