6. Which of the following isfare) correct? 1. "Sports cars" has a higher price elasticity of demand than "Porsche sports cars" IL "Rolex watch" has a higher price elasticity of demand than "water" A. I only B. II only C. Both I and II D. Neither I nor II 7. When the price of cookies changes, the supply curve for cookies: A. does not shift because the movement is along the original demand curve. B. does not shit because the movement is along the original supply curve C. shifts and the new equilibrium price is the intersection of the new demand curve and the original supply curve D. shifts and the new equilibrium price is the intersection of the new supply curve and the original demand curve 8. Iris hires domestic helper to clean her house. Daisy cleans her own house. Which of the following will be included in the calculation of GDP? 1 Iris' payment to the domestic helper. IL Estimated value of Daisy's cleaning service. A. I only B. Il only C. Both I and II D. Neither I nor II 9. Suppose a competitive firm produces and sells 250 units of output for a total revenue of $8,750. If the firm increases the output to 251, what is the average revenue of the 251" unit? A. S35 B. $38- I C. $414 D. $45 I 10. Which of the following is(are) correct about how accountants and economists consider Accountants consider only implcit costs. Economists consider both explicit and implicit costs. costs 1. IL A. Tonly B. II only C Both I and 1 D. Neither I nor