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Question 1 The price elasticity of demand for automobiles is -0.84. If the price of automobiles increases, O A. total annual expenditure on automobiles will decrease. O B. total revenue of automobile sellers will decrease. O C. total annual expenditure on automobiles will increase. O D. total annual expenditure on automobiles will remain constant.Question 2 10 points Save Answer The table below shows how the output of wool fabric varies with the number of workers employed in a factory. Labor Output (Number of Workers per Day) (Yards of Fabric per Day) 1 15 2 40 3 55 4 65 5 70 6 70 7 70 The average product of workers in this factory O A. is equal to 20 yards of fabric per worker per day, no matter how many workers are employed per day. O B. is maximized when 3 workers are employed per day. O C. is maximized when 2 workers are employed per day. O D. declines steadily from 15 yards of fabric per worker per day to 10 yards of fabric per worker per day, as employment in the factory is increased from 1 to 7 workers.Question 6 The price elasticity of demand for Dell PCs is estimated to be -2. If this estimate is accurate, a 19% price reduction will O A. have no effect on the quantity demanded. O B. increase the quantity of these computers demanded by 38%. O C. increase the quantity of these computers demanded by 19%. O D. decrease the quantity of these computers demanded by 38%. O E. have no effect on Dell's total revenue