Look at the following PPC in red colour and answer the following where consumer goods on y axis and capital goods are shown in x axis. 48 44 40 36 32 28 24 20 1 6 1 2 Consumer goods Question 1 (1 point) What is the total cost of the first 14 capital goods produced? Previous Page Next Page Page 1 Of 15 Question 2 (1 point) Assuming the economy is producing combination C, what is the approximate per-unit cost of an additional capital good? Question 3 (1 point) Assuming the economy is producing combination D, what is the approximate per- unit cost of an additional capital good? Question 4 (1 point) What is the value of total revenue before and after the price change? 5300 and $270 $300 and $275 $315 and $275 $315 and $270 0000 Question 7 (1 point) What is the value of the price elasticity of demand? \fQuestion 9 (1 point) Which is correct? 0000 The equilibrium price is 4 and quantity traded is 120 The equilibrium price is 2 and quantity traded is 120 The equilibrium price is 4 and quantity traded is 160 The equilibrium price is 6 and quantity traded is 120 Question 10 (1 point) Suppose the supply increases by 40, which is correct 0 The equilibrium price is 6 and quantity traded is 120 The equilibrium price is 2 and quantity traded is 120 O The equilibrium price is 2 and quantity traded is 130 O The equilibrium price is 4 and quantity traded is 120 Question 11 (1 point) After the increase in supply, at a price of $6 there would be a O Surplus of 40 units 0 Surplus of 80 units 0 Shortage of 50 units 0 Shortage of 80 units Question 12 (1 point) What happens to the price and quantity traded of orange juice if there is a freeze in Florida and price of apple juice declines. Price is indetermined and quantity traded declines Price decreases and quantity traded indetermined Price increases and quantity traded indetermined Price is indetermined and quantity traded increases OOOO Question 13 (1 point) What happens to the price and quantity traded of Cigarettes, if the government introduces an anti smoking policy and increases the tax on cigarettes? 0 Price indetermined and quantity traded increases 0 Price is indetermined and quantity traded declines 0 Price increases and quantity traded indetermined 0 Price decreases and quantity traded indetermined Question 14 (1 point) Gwen had only $10 yesterday. She was uncertain whether to go out for lunch or to buy beer. In the end, she bought beer. Which of the following statements is correct? 0 The opportunity cost of beer is S10. 0 The opportunity cost of beer is lunch. 0 The cost of buying beer is less than lunch. The choice of the beer and not lunch is an example of constant costs. Question 15 (1 point) The statement, "water freezes at 40 degrees Celsius", can be defined as: 0 Positive 0 Neither Positive nor Normative O Normative 0 Both