gnment Score: 36.5% Resources Hint Check Answer stion 24 of 25 Captain Eddy takes his 25-seat party boat out for a harbor cruise every night, rain or shine. Whether he gets $70 per seat or $0 per seat, he always fills every seat. Show the supply curve of cruise seats per night on the graph. Macmillan 100 Supply 60 Price G 50 40 20 10 eb 28Resources Hint Check Answer estion 23 of 25 that follow. 10 a. Use the interactive graph to illustrate the impact of an 9 D Supply (2) increase in consumer income. Assume rechargeable batteries Macmillan Learning are a normal good. Supply (1) b. Use the midpoint formula to calculate the price elasticity Price per battery of supply for Supply( 1) between the old and new price Round to two places after the decimal. Units 0 1 090 2,000 3 009 4,000 5 000 6.000 7000 8 000 9,00010,000 Quantity of batteries c. Use the midpoint formula to calculate the price elasticity of supply for Supply (2) between the old and new price. Enter 3 Feb 28 6:52WA ATISWEI stion 22 of 25 If Good C increases in price by 50% a pound, and this causes the quantity demanded for Good D to increase by 60%, what is the cross-price elasticity of the two goods? Round your answer to one decimal place. Macmillan Learning What is the relationship between the two goods? no relationship complements substitutesof 25 each demand and supply curve with the type of elasticity that best describes it. Note that graph E requires three labels. $1 50 Supply Demand Price Demand Price Price 50 40 Demand 25 20 Quantity 225 4 5 6 Quantity A Quantity A B C Graph A shows a demand curve that is Graph B shows a demand or supply curve that isuestion 14 of 25 Attempt 2 The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Price Sugar-free Gummy Regular Gummy Bears Bears Demanded ($ per kg) Demanded (thousands Macmillan Learning (thousands of kg) of kg) $2.20 185.00 489.00 $2.60 179.00 383.00 $3 161 277.00 $3.40 141.00 159.00 As the price of gummy bears rises from $2.60 to $3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears: -2.24CA Answer tion 13 of 25 > Attempt 2 The table contains the supply and demand schedule for Bluefin tuna. Suppose all countries agree to limit tuna fishing to a total of 15, 000 tons per year through a strictly enforced licensing program for fishermen. Price per Pound Quantity Demanded (tons) Quantity Supplied(tons) Macmillan Learni $11.80 12. 000 27, 000 $11.35 15, 000 24, 000 $10.90 18. 000 21, 000 $10.45 21. 000 18, 000 $10.00 24. 000 15, 000 $9.55 27. 000 12, 000 At the new fishing quota, what is the quota rent per pound of Bluefin tuna? S Suppose the average fisherman can catch 200.000 pounds of Bluefin mina every year (10)0) tang) What is the value of aon 12 of 25> Alaskan king crab is one of the most prized shellfish. Suppose that, to protect their numbers, the Alaskan government allows only 15 million pounds of crab to be caught during the fishing season so that the Alaskan king crab population remains at an environmentally sustainable level. The graph includes the supply and demand curves for Alaskan king crab. Please label the graph appropriately. Not all terms will be used. 5.00 - Answer Bank quota rent 4.00 price ceiling K 3.50 E rice (dollars per pound) 3.00- deadweight loss quota price flooruestion 12 of 25 > Before the government imposes its regulations, what is the price of crab? Macmillan Learning pound What is the demand price after the quota? S pound What is the quota rent for Alaskan king crab? S pound 28 7.28stion 11 of 25 > Consider the graph. What is the deadweight loss associated with the price floor? 19 Supply Macmillan Learning Price floor 15- Price ($) 10- 5- Demand Quantityestion 10 of 25 ) The graph shows the supply and demand curve for dry erase markers. Suppose the government decides to impose a binding price ceiling on the market. Macmillan Learning a. Place the price ceiling line segment to illustrate this new government policy. b. Shade the area representing the deadweight loss (DWL) that arises due to the price ceiling. DWL tice ceiling 3stion 10 of 25 "> DWL Macmillan Learning Price ceiling Supply Price mandstion 10 of 25 > Demand Macmillan Learning Quantity c. After the price ceiling is implemented. there is a shortage. both a shortage and a surplus. neither a shortage nor a surplus Oa surplus