11:54 G 8 31 0 13 B/S A 32 B C . . . 77. Yoggipear and Orchard Cow are two rival brands of flavoured yoghurt drinks, which have a cross elasticity of demand of + 2. The price of Yoggipear rises from 20 pence to 30 pence per carton. What will be the percentage increase in demand for similar- sized cartons of Orchard Cow? (a) 20% (b) 25% (c) 75% d) 100% (e) 50% 14 COMPILED BY DR ERIC ADU AGYEMANG GRASAG PRESIDENT HOPEFUL, 2024. CANDIDATE NUMBER: Questions 78 to 80 are based on the following diagram, showing a demand curve, ab, where k is midway PRICE (per unit) between a and b. QUANTITY DEMANDED (per period) 78. It can be deduced from the diagram that: (a) market price will be Oc (b) the price elasticity of demand is constant the producer's total revenue would fall if price fell from Oc to Of (d) the price elasticity of demand is higher at point g than at point d e) the price elasticity of demand is the same only at points a and b. 79. If the market price fell from Oc to Of (with a corresponding rise in the quantity exchanged from Oe to Oh), consumer surplus would: (a) rise by the area fag (b) rise by the area jag (c) fall by the area fcdj (d) rise by the area fodg. (e) change by the difference in areas between eigh and fcdj 80. Which of the following can be shown from the diagram? the product is a normal good price falls as a result of an increase in demand WN . demand expands as a result of a fall in price (a) 1 only (b) 3 only (c) 2 and 3 only (d) 1 and 3 only (e) all of them 81. The long run is a period of time in which: (a) economic efficiency is achieved (b) the firm may want to build a bigger plant, but cannot do so (c) the firm is able to maximise total profit (d) the firm can hire all the workers that it wants to employ, but it does not have sufficient time to buy more equipment (e) the quantities of all inputs can be varied. A Edit Annotate Fill & Sign Convert All O O