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I got these wrong, can you please help: Question 8 1 points Save Answer If a 20% increase in price leads to a 30% increase
I got these wrong, can you please help:
Question 8 1 points Save Answer If a 20% increase in price leads to a 30% increase in quantity supplied, then which of the following statement is correct? Price elasticity of demand is 1.5 Price elasticity of demand is 0.66. O Price elasticity of supply is 1.5 Price elasticity of supply is 0.66Question 2 1 points Say TTC is considering a fare hike. At the current fare of $2.00, daily ridership is 24,000 people. The city estimates that if it raises the fare to $3, ridership will decline to 21,000 people. Using the mid-point method of calculating elasticity, which of the following is price elasticity of demand? O 0.0 O 1/3 1.0 6.0Question 3 1 points Say Suppose that a technological breakthrough occurs in the production of cell phones. All else equal, the equilibrium price of cell phones will , the equilibrium quantity of cell phones sold will Consumer surplus will and producer surplus will O Increase, decrease, increase, decrease O Decrease, decrease, decrease, increase O Decrease, decrease, increase, increase Decrease, increase, increase, increaseQuestion 11 1 points Why does total output in an economy increase when each person specializes? O because there is much less competition for the same resources because each person spends more time producing that product for which they have a comparative advantage O because a wider variety of products can be produced with specialization because more people will be producing products than before?Question 4 1 points Saving Answer Which of the following is the income elasticity of demand for housing if people always spend 30% of their incomes on housing? O 0.25 1.00 O 2.5 O 25Step by Step Solution
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