15. Draw a demand and supply curve and label the market price at $5 and the equilibrium quantity at 10. Draw what happens when you have an increase in demand 16. Using your graph from #15, did the final price go: a. Up b. Down c. Stays the same 17. Using your graph from #15, did the final equilibrium quantity go: a. Up b. Down c. Stays the same 18. Using your graph from #15 which of the following is true: a. There is an decrease in demand b. There is an increase in quantity demanded c. There is in decrease in supply d. There is a increase in quantity supplied 19. A rise in the price of smoothies from $2 to $3 causes a fall in the quantity demanded of smoothies from 200 to 100, and at today's prices a muffin costs $1.50 and the muffins demand decreases from 100 to 75. What is the price elasticity of demand for smoothies? 196. What is the cross price elasticity of demand for muffins? 196. Muffins and smoothies are substitutes (True or False)? Use the following table for the questions 20-23: Pies Kim Liam Cakes 50 75 25 50 20. Kim should specialize in making cakes (True or false)? 21. Liam has an absolute advantage in making pies (True or False)? 22. What is Kim's opportunity cost of making Cakes? 23. What does Liam have a comparative advantage in: a. Pies b. Cakes C. Nothing e the following table for questions 24-25: Ethanol 70 65 55 40 20 0 Food 0 1 2 3 4 5 24. What is the opportunity cost of moving from 0 to 1 food? 25. What is the opportunity cost of moving from 20 to 40 ethanol