For Questions 1-11 refer to below statement and demand and supply functions Suppose that demand and supply curves for avocado in Brooklyn are as the followings : Q. = 72 - 12P Q. = -18 + 6P where O, and Q, are quantities demanded and supplied in tons respectively, and P is the price of avocado in dollars per kg? 1) If price elasticity of demand for avocado at price P: is equal to -6/9, how much is P*? a) $2 b) $2.20 c) $2.40 d) $2 . 60 e) $2. 80 2) What is quantity demanded at price Ps at which price elasticity of demand for avocado equals -6/9? a) 42.2 tons b) 43.2 tons c) 44.2 tons d) 45.2 tons e) 46.2 tons 3) If price elasticity of demand for avocado at price P: is equal to -9/6, how much is PA? a) $3.00 b) $3.20 C) $3.40 dj $3. 60 n) $3.80() What is quantity demanded at price Pr at which price elasticity of demand for avocado equals to -9/6? 2 a1 28.2 tons b) 28.4 tons c) 28 6 tons d) 28.8 tons e) 29.2 tons 5) What is the slope of the demand curve? a) -12 b) -6 0) -3 d) -1/12 el -1/6 6) What is the slope of the supply curve? a) -18 bi 3 C) 6 d) 1/3 e) 1/6 7) What is market clearing equilibrium price and quantity in Brooklyn avocado market? a) $1; 60 tons b) $21 48 tons C) $3; 36 tona d) $4: 24 tons @) 957 12 tons 8) What is the total revenue created at market clearing equilibrium price and quantity in Brooklyn avocado market? a) $24000 b) $36000 cl $48000 dj $56000e) $60000 9) What is the total amount of surplus if the price of avocado is $6.00 per kg in Brooklyn avocado market? a) 6 tons b) 9 tons c) 12 tons dj 15 tons e) 18 tons 10) What is the total amount of shortage if the price of avocado is $3.00 per kg in Brooklyn avocado market? a) 12 tons b) 24 tons c) 36 tons d) 48 tons e) 72 tons 11) While the avocado market is in equilibrium if avocado sellers decide to raise their prices by 21 above the market equilibrium price, what will happen to the percent change in quantity demanded? al It will decrease by 54. b) It will decrease by 104 c) It will decrease 151. d) It will decrease by 204 e) It will decrease by 250