212)) (OA04) / Midterm ECON1110 (CL) Remaini In a pure capitalist economy, the least-cost combination of inputs is used to produce a good because O cheaply-made goods will wear out quickly, generating additional sales in the future. that combination maximizes profits. O producers are less concerned with conserving natural resources in a market economy than in any other economic system. that combination minimizes profits. Submit Assignment Quit & Save Back ASUS 19 f10 f11 f12 pause f6 f7 A OX break X71) Which of the following would NOT affect a good's price elasticity of demand? the cost of producing the good the number of substitutes available O the share of one's budget spent on the good the ease of substitution between goods Submit Assignment Quit & SavThe price elasticity of supply measures the responsiveness of quantity supplied to changes in input prices. O the responsiveness of quantity supplied to changes in technology. O a supplier's ability to produce a good in the face of scarcity the responsiveness of quantity supplied to changes in price Submit Assignment Qui. WEBCAM This is Worth 5 Marks. The Chicken market is currently in equilibrium. Answer the following questions about the Chicken market using the graph provided. 40- 38- 36- 34 32- What is the marginal benefit at the quantity 10: 30- Number 28 (Approximate within 3 dollars) 26 24- 22 P1 Calculate the maximum Consumer Surplus at the Price 20 equilibrium: Number 18 (Approximate within 15 dollars) 16 14- 12- Calculate the total deadweight loss if the quantity was 10- fixed at 10: Number 8- (Approximate within 10 dollars) 4- N 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Quantity Submit Assignment Quit & Save Back Question M TOUS .f11 pause prt f6 f7 f9 f 10 f 12 sy X EA break & 7 8 9 O