17.) When the price of candy bars decreased from $1.00 to $0.80, the quantity demanded changed from 15,000 per day to 20,000 per day. In this price range, the price-elasticity coefficient (based on the midpoint formula) for candy bars is

Multiple Choice

• 1.67.
• 1.2.
• 0.78.
• 1.29.

18.) At a price of $10 per unit, Gadgets Incorporated is willing to supply 14,000 gadgets, while United Gadgets is willing to supply 11,000 gadgets. If the price were to rise to $14 per unit, their respective quantities supplied would rise to 16,000 and 15,000. If these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets?

Multiple Choice

• 0.64
• 0.8
• 1.12
• 1.56

9.) Answer the question based on the following data.

Price Per Unit Price Per Quantity

20 12

18 17

16 20

14 24

12 30

10 36

8 40

6 44

4 48

What is the price elasticity of demand over the range of $6 to $8?

Multiple Choice

• 3
• 0.33
• 1.38
• 0.47

12.) Answer the question based on the following information for four highway programs of increasing scope. All figures are in millions of dollars.

Program Total Cost Total Benefit

A 2 9

B 6 16

C 12 21

D 20 23

Based on the data, we can say that the net benefits of Program A are

Multiple Choice

• $9.
• $7.
• $2.
• $11.