Based on the above table, does the quantity supplied change with price? [Select] Question 26 2.5 pts The price of Coke = $3. When the price of pizzas increases from $11 to $13. Calculate the price elasticity of demand for pizzas using the midpoint method. Round your answer to the nearest 1 decimal place. Question 27 Find the equilibrium price of pizzas when the price of Coke = $3. Answer: The equilibrium price of pizza = $_ Question 28 Find the equilibrium quantity of pizzas when the price of Coke = $2.5. Question 29 Based on the above table, (a) Is the cross-price elasticity of Coke and pizzas positive or negative? [Select] (b) Are Coke and pizzas substitutes or complements? [Select] 2 pts 2 pts 4 pts US and Canada both produce T-shirts and robots. Assume that opportunity costs are constant for both countries. The production information can be summarized in the following table. Use the given information to answer questions 30 - 32. US Canada Question 30 Producing robots only 10 8 Producing T-shirts only 500 What is the opportunity cost for US to produce one robot? Answer: The opportunity cost for US to produce one robot = T-shirts. Question 31 (a) Which country has the absolute advantage in producing robots? [Select] (b) Which country has the comparative advantage in producing robots? [Select] Question 32 300 Suppose US and Canada decide to specialize and trade according to their comparative advantages: (a) Who is the seller of robots? [Select] 2 pts 4 pts 6 pts (b) Who is the buyer of robots? [Select] (c) The price of 1 robot is 42 T-shirts. Will US accept the price to trade? [Select] (d) The price of 1 robot is 60 T-shirts. Will US accept the price to trade? [Select] The following table shows the demand and supply of good A in year 1. Use the given information to answer questions 33 - 35. Price Quantity demanded Quantity supplied $25 50,000 30,000 $30 50,000 40,000 $35 50,000 50,000 $40 50,000 55,000 $45 50,000 60,000 1.5 pts Question 33 What is the equilibrium price in year 1? Answer: The equilibrium price in year 1 = $ Question 34 1.5 pts Suppose in year 2, the quantity demanded of good A increases by 10,000 for every given price, but supply curve does not change. Find the equilibrium price in year 2. Answer: The equilibrium price in year 2 = = $ Question 35 The supply of good A decreases. (a) Will supply curve shift to the right or to the left? [Select] (b) Will the equilibrium quantity of good A increase or decrease? [Select] 3 pts Not saved Submit Quiz