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these are Microeconomics question. please solve all the mcqs with proper explanation and steps of solving if needed. it would be appreciated if you keep your work neat. Please solve the last wirtten part question in detail.

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Review 1: Chapters 5, 6 and 7 ECO 201 Instructor: Sanket Roy 1. When the price of mangoes is $1.50 each, 500 mangoes are sold every day. After lowering the price to $1.35 each, 510 mangoes are sold every day. At the original price, what is the price elasticity of demand for mangoes? A. -66.67 B. -5 C. -2 D. -0.2 Price B c 4 6 8 10 12 14 Quantity 2. Refer to the figure above. The price elasticity of demand at point B is A. -3/4. B. -4/3. C. -3. D. -1/3.Pree 2 4 8 8 10 12 14 16 18 20 Quarmy Refer to the figure above. When P = 8, the price elasticity of demand for the demand curve D1 is and D2 is ; A -4;-1 B.1;4 C.-4;-4 D.-1;-4 A pizza shop observes that when it raises the price of the large pizza, total revenue from pizza decreases and when they lower the price of the large pizza, total revenue increases. This suggests that A. pizza lovers act irrationally. B. the demand for large pizza must be elastic. C. there are few good substitutes for large pizza. D. the demand for large pizza must be inelastic. When the price of lettuce rises, the demand for salad dressing because these two goods are complements. A.increases B. decreases C. remains the same D. becomes more inelastic The cross price elasticity for bread and potatoes is estimated to be 0.5. This implies bread and potatoes are A. normal goods. B. substitutes. C. unrelated. D. complements. 7. You have found data that indicates that the income elasticity of demand for generic (unbranded) shampoo is -0.7. You conclude that generic shampoo A. is a normal good. B. has inelastic demand. C.is not in equilibrium. D. is an inferior good. 8. A price ceiling will cause A. producer surplus to fall. B. total economic surplus to rise. C. quantity supplied to exceed quantity demanded. D. demand to increase. Price 30 2D Iececcraaye- B s e I J : 01 l D 3 : : a 30 50 Quantity 9. Refer to the figure above. Based on demand curve D and supply curve S, the dollar value of the total economic surplus is A.S$75. B. $255. C. $180. D. $225. 11. 12. J L, B 12 16 20 24 o 10. Refer to the figure above. Suppose a price ceiling is imposed at $4. The value of the consumer surplus is A.S$36. B. $20. C.$24. D. $28. 0 F B Quansty Refer to the figure above. Suppose S and D are the initial supply and demand curves and a tax represented by S' is imposed on sellers. The distance that represents the per unit amount of the tax is A. EG. B. OA. C. HJ. D. IH. Refer to the figure above. If S and D are the initial supply and demand curves and S' represents a tax, producer surplus after the tax is imposed is represented by the area A. HIC. B. AKC. C. GIK. D. EGICL 13. 14 S+ Tax 12 s - . | E.80 .20 ; 5 | . D 4 : | I 7 3 Aty Refer to the figure above. Suppose a $1 per unit tax is imposed on sellers. The share of the tax burden borne by consumers is and the share of the tax burden borne by producers is A. 50 cents; 50 cents. B. 80 cents; 20 cents. C. 60 cents; 40 cents D. 40 cents; 60 cents. Refer to the figure above. The deadweight loss from imposing a $1 tax on sellers is A. 50 cents. B.S1. C.$3. D. $4.50. Short Question: Consider the following market demand and supply curve in a perfectly competitive market: Suppose a firmin a perfectly competitive market faces the following demand and supply: Demand: P=200-20Q Supply: P=10+45Q, Suppose the government imposes a per unit tax of $10 and collects it from the sellers. a) Find the after-tax equlibrium price and quantity. b) What is the burden of the tax on the consumer and producer? ) Find consumer surplus, producer surplus and dead-weight loss