PLEASE ANSWER QUICKLY YET ACCURATELY (NO NEED FOR LENGTHY EXPLANATIONS)

Question 1

Use the graph to answer the question that follows. Demand for Product Z 12 10 4, 10 16.6 Price (Dollars) 24.4 30 2 15 20 25 35 Quantity (Pounds) What is the price elasticity of demand when price increases from $4 to 56? 0 0.33 0 0.66 1.22 05 O 12.2If the price of Good A goes down by 5 percent and the quantity demanded of Good B goes down by 5 percent, which of the following is true? O Both goods have unit elastic supply. O The goods are complements, and the cross-price elasticity is 1. O The goods are substitutes, and the cross-price elasticity is 1. O The goods are complements, and the cross-price elasticity is -1. The goods are substitutes, and the cross-price elasticity is 25.Price MC ATC ATC, Quantity (units) The shift indicated on the graph could be explained by O a decrease in fixed costs an increase in fixed costs increased productivity O decreased productivity a demand increaseUse the production possibilities table below to answer the following question. Assume constant opportunity costs for Steven and Matthew. Units of Cheese in a Day Fish in a Day Steven 10 25 Matthew 30 10 Which of the following is true regarding Steven and Matthew's trade advantages? O Matthew has an absolute advantage in fish. O Matthew has a comparative advantage in fish. Steven has an absolute advantage in cheese and fish. O Steven has an absolute and comparative advantage in fish. O Steven has absolute and comparative advantages in cheese.Below is the total benefit Kenneth estimates he would get for jars of chocolate-flavored hazelnut butter. Jars Total Benefit (dollars) 5 12 14 14 10 If 3 is Kenneth's optimal quantity of jars consumed, what must be the price per jar? O $3 0 $5 O $12 O $14Use the graph to answer the question that follows. Marginal Product TTTTTTTTT Labor Assume that the first unit of labor in the graph above produces 23 units of output. What would the total output be if this firm employed three units of labor? O 23 units O 25 units 0 30 units 0 78 units O 158 units\fWhat distinguishes the supply and demand model from the short-run cost curves model? O Supply and demand show the interaction between consumers and producers; short-run cost curves show how product supply curves are determined. O Supply and demand show the flow of outputs between economic actors; short-run cost curves show the flow of inputs between suppliers. Supply and demand show a product market in the long run; short-run cost curves show the product market for a set time. O Supply and demand show the relationship between inputs and outputs; short-run cost curves show the relationships among various inputs. O Supply and demand show the ideal price in the product market; short-run cost curves show the ideal price in the resource market.Use the graph to answer the question that follows. Price Supply A B P2 H P3 T D K Demand 01 Q2 Q3 Quantity (units) If the price is set at P3, what area represents the total economic surplus? OA+B + C+D OA+B + C OA+B + C +F+G OD OEWhich of the following is a basic question that must be answered in resource allocation? O How much education should workers have? O What goods and services should be produced? O What is a fair price for a particular good or service? O How much should a good or service cost the consumer? What sort of technology should be used to produce goods