Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
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 25

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Economics Methods And Techniques

Authors: Chandra Kant Singh

1st Edition

9353147018, 9789353147013

More Books

Students also viewed these Economics questions

Question

Mortality rate

Answered: 1 week ago

Question

Armed conflicts.

Answered: 1 week ago