5 pts Question 1 Currently Farmer Eric raises 20 pigs in a normal year and sells them for a price of $150 per pig. Suppose there is a shortage for feed and Farmer Eric is only able to produce 12 pigs. If he expects to sell his pigs at a price of $200, what is the price elasticity of demand for pigs? O 0.75 0 -1.2 0 -2.67 0 -1.75 5 pts Question 2 Based on your calculation in the previous question, how would you classify demand for Farmer Eric's pigs? O Inelastic Unit Elastic Elastic D Question 3 5 pts This week Target has a Roku Streaming Stick on sale for $10 off. If Farmer Eric's pigs are still selling at $200, what kind of goods are Roku Streaming Sticks and pigs? O Complement Goods Independent Goods Substitute Goods D Question 4 5 pts Suppose you work as a student worker making $10,000 a year, but next year you are set to graduate and expect a salary of $50,000 a year as a result. If you typically consume 5 pounds of New York strip steak a year, but as a result of your salary increase would consume 20 pounds of New York strip steak a year, what is your income elasticity of demand for New York strip steak? O 0.9 O 0.75 O 0.94 O 0.88 Question 5 5 pts y, output y = f(x), production function Y production Set X. X2 x, input Assuming the cost of input x is positive, which point yields a cheaper production cost? OB Both are the same Impossible to tell based on available information Question 6 5 pts y, output y = f(x), production function A A Y, Production Set X X2 x, input Given that points A and B produce the same amount of output, 71, which point is more efficient? OB O Both are the same Cannot determine Question 7 5 pts Suppose that you run a lemonade stand and it takes 1 lemon (L) and 1 cup of sugar (s) to produce 1 cup of lemonade (Q). Which the following production functions best represent the operations of the lemonade stand? O Q=f(L,S)-min(L.) O Q=f(L,S)=max{L.S) O Q=f(L,S)=L+S O Q=f(L.S)-L-S 5 pts D Question 8 When should you use PESTEL analysis instead of PEST analysis? Whenever business activities affect the ecology or climate of a given area O When earth day is fast approaching O After an environmental disaster in hopes of improving public opinion