1. a The price elasticity of demand for apples is -3.4.If the price of apples rises by 5%, the quantity demanded of apple is expected to change by [Answer]%.

(In decimal numbers, with two decimal places, please.)

1.b The total revenue of apple sellers is expected to [Answer].

Select one:

a.increase

b.Need more information.

c.decrease

d.remain unchanged

2.Suppose a market has the supply function: Q = 6 + 0.2P. Using the midpoint method, the price elasticity of supply between $30 and $40 is [Answer].

(In decimal numbers, with two decimal places, please.)

3.The price elasticity of supply for cod fish is constant at the value of 0.5. When the price of cod fish decreases from 60 to 20, we would expect the quantity supplied to decrease from 190 to[Answer]units.

(In decimal numbers, with two decimal places, please.)

4.The demand elasticity of good A is constant with the value -2.3. After a decrease in supply, the equilibrium quantity drops by 24%. The equilibrium price would increase by[Answer]%.

(In decimal numbers, with two decimal places, please.)

5.Suppose a market has the demand function: Q = 26 - 0.8P. Using the midpoint method, the price elasticity of demand between $10 and $20 is [Answer].

(In decimal numbers, with two decimal places, please.)