QPEStlon 7 10 points Save Answer Consider the market for pizza in a large city. Identify what happens to the equilibrium price. quantity. and total consumer expenditures after each of the following events listed below, assuming that pizza is a normal good and the price elasticity of demand for pizza is 1.20. Treat each event as independent of the others. Event 1 : The price of labor goes up. Event 2: The number of pizza restaurants increases. Event 3: Consumer income rises. - For Event 3, the equilibrium price is expected to , the equilibrium quantity is expected to , and total consumer expenditures on pizza are expected to 0 Increase; increase; increase. 0 Decrease; decrease; decrease. O Decrease; increase; increase. 0 Increase; decrease; decrease. Qustlon 8 10 points Save Answer With the release of iPhones 11 , the supply of iPhones 10 becomes P: 3 + 30 while the demand is P=11-Q _ Based on the point elasticity of demand and supply in absolute value at the new equilibrium, total revenue for iPhones 10 becomes 0 Less because the demand for iphcnes 10 is inelastic. 0 More because the demand for iphones 10 is inelastic. 0 More because demand for iphones 10 is inelastic. 0 Less because the demand for iphcnes 10 is elastic. Question 9 10 points SaveAnswer It the price elasticity Of demand for a good is 1.22, then a 1046 increase in price would be expected to result in a O 122 percent decrease in quantity demanded. O 12.2 percent decrease in quantity demanded. O 12.2 percent increase in quantity demanded. O 1.22 percent increase in quantity demanded. O i .22 percent decrease in quantity demanded. Qustien 1c 10 points SaveAnswer If demand is elastic. should a producer raise or lower price if the producer wants to increase total revenues? O The producer should lower prices. 0 Neither change will increase revenues. O The producer should raise prices. 0 It depends upon the elasticity oi supply