Question
Please help with the following questions (1-10), For Questions 1-17 refer to below statement and demand and supply functions. Suppose that demand and supply curves
Please help with the following questions (1-10), For Questions 1-17 refer to below statement and demand and supply functions.
Suppose that demand and supply curves for avocado in Brooklyn are as the followings:
Qd = 144 - 24P
Qs= -36 + 12P
where Qd and Is are quantities demanded and supplied in tons respectively, and P is the price of avocado in dollars per kg?
1) If price elasticity of demand for avocado at price P* is equal to -2/3, how much is P*?
a) $2.00
b) $2.20
c) $2.40
d) $2.60
e) $2.80
2) What is quantity demanded at price P* at which price elasticity of demand for avocado equals -2/3?
- 82.2 tons
- 83.2 tons
- 84.4 tons
- 85.2 tons
- 86.4 tons
3) If price elasticity of supply for avocado at price P* is equal to 2.5, how much is P*?
a) $2
b) $3
c) $4
d) $5
e) $6
4) What is quantity supplied at price P* at which price elasticity of supply for avocado equals 2.5?
- 6 tons
- 12 tons
- 18 tons
- 24 tons
- 30 tons
5) What is market clearing equilibrium price and quantity in Brooklyn avocado
market?
- $3; 20 tons
- $4; 22 tons
- $5; 24 tons
- $6; 30 tons
- $7; 30 tons
6) What is the price elasticity of demand if the avocado sells for $2 per kg?
a) -0.2
b) -0.5
c) -0.8
d) -1.2
e) -2
7) If the selling price of avocado is $3.00 per kg, the demand is
- inelastic
- elastic
- unit elastic
- perfectly elastic
- perfectly inelastic
8) What is the price elasticity of demand if the avocado sells for $5.75
per kg?
a) -0.23
b) -2.3
c) -12.3
d) -22.3
e) - 23
9) If the selling price of avocado is $5.75 per kg, the demand is
- inelastic
- elastic
- unit elastic
- perfectly elastic
- perfectly inelastic
10) If the selling price of avocado is $5.9999 per kg, the demand is
- inelastic
- elastic
- unit elastic
- perfectly elastic
- perfectly inelastic
For Questions 1-17 refer to below statement and demand and supply functions.
Suppose that demand and supply curves for avocado in Brooklyn are as the followings:
Qd = 144 - 24P
Qs= -36 + 12P
where Qd and Is are quantities demanded and supplied in tons respectively, and P is the price of avocado in dollars per kg?
1) If price elasticity of demand for avocado at price P* is equal to -2/3, how much is P*?
a) $2.00
b) $2.20
c) $2.40
d) $2.60
e) $2.80
2) What is quantity demanded at price P* at which price elasticity of demand for avocado equals -2/3?
- 82.2 tons
- 83.2 tons
- 84.4 tons
- 85.2 tons
- 86.4 tons
3) If price elasticity of supply for avocado at price P* is equal to 2.5, how much is P*?
a) $2
b) $3
c) $4
d) $5
e) $6
4) What is quantity supplied at price P* at which price elasticity of supply for avocado equals 2.5?
- 6 tons
- 12 tons
- 18 tons
- 24 tons
- 30 tons
5) What is market clearing equilibrium price and quantity in Brooklyn avocado
market?
- $3; 20 tons
- $4; 22 tons
- $5; 24 tons
- $6; 30 tons
- $7; 30 tons
6) What is the price elasticity of demand if the avocado sells for $2 per kg?
a) -0.2
b) -0.5
c) -0.8
d) -1.2
e) -2
7) If the selling price of avocado is $3.00 per kg, the demand is
- inelastic
- elastic
- unit elastic
- perfectly elastic
- perfectly inelastic
8) What is the price elasticity of demand if the avocado sells for $5.75
per kg?
a) -0.23
b) -2.3
c) -12.3
d) -22.3
e) - 23
9) If the selling price of avocado is $5.75 per kg, the demand is
- inelastic
- elastic
- unit elastic
- perfectly elastic
- perfectly inelastic
10) If the selling price of avocado is $5.9999 per kg, the demand is
- inelastic
- elastic
- unit elastic
- perfectly elastic
- perfectly inelastic
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