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I need help with these 5 Economics Multiple Choice Questions: Question 6 (1 point) Suppose market demand for music CDs (in millions per year) is

I need help with these 5 Economics Multiple Choice Questions:

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Question 6 (1 point) Suppose market demand for music CDs (in millions per year) is given by the equation QD=9-P, while tickets are supplied according to the market supply equation QS=P-1. Calculate consumer surplus and producer surplus of this market. O CS = 12, PS = 8 OCS =16, PS = 16 O CS = 8, PS = 8 O CS = 8, PS = 12Question 7 (1 point) Suppose demand is Qd=12-2P and supply is Qs=P. Producer surplus in equilibrium is O 4 8 12 16 18Question 8 (1 point) Which of the following statements about the relationship between the price elasticity of demand and revenue is TRUE? 0 If demand is price inelastic, then increasing price will decrease revenue. 0 If demand is price elastic, then decreasing price will increase revenue. 0 If demand is perfectly inelastic, then revenue is the same at any price. 0 Elasticity is constant along a linear demand curve and so too is revenue. Question 9 (1 point) The price of good Y decreased from $7 to $5. Meanwhile, the sales of good X increased from 10 units to 14 units. Cross-price elasticity of demand of goods X and Y, calculated using the midpoint method (this is the same as the arc elasticity method), is ___ and goods X and Y are ______ : O - 1; complements O 1; complements O 1; substitutes O - 1; substitutes Question 10 (1 point) Anna's demand for brownies is Qd= 100 - 2 P. The price of cheesecake decreases by 10%. As a result, Anna's demand for brownies decreases from 12 brownies to 8 brownies. What is the cross- price elasticity of demand for Anna for these two goods? Use the mid-point method (arc elasticity. formula). 4; substitutes 4; complements O-4; substitutes -4; complements

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