Question 2 (4 points) The figure below shows Arnold's demand curve for burritos. Price (dollars por burrito) $2.50 2.00 1.50 1.00 Domand Quantity (burritos) If the market price is $1.00, what is Arnold's consumer surplus? 18 $7.00 21 $2.00 $3.00 24 $1.00Question 4 (4 points) Consider a chemical plant that discharges toxic fumes over a nearby community. To reduce the emissions of toxic fumes the firm can install pollution abatement devices. The figure below shows the marginal benefit and the marginal cost from reducing the toxic fumes emissions. Marginal benefit | and marginal costs in $ Marginal abatement cost PO B A Marginal benefits of reduction 8 9 10 11 12 12.5 Reductions in toxic fumes emissions (millions of tons per year) Suppose the emissions reduction target is currently established at 8 million tons. What is the area that represents the cost of eliminating an additional 1 million tons? B + C OA A +B + C A+BQuestion 5 (4 points) Price of Calculators Domestic $27 - Supply World Price Domestic Demand 150 300 400 Quantity of Calculators The figure above shows the domestic market for calculators in Haiti. What is the change in total surplus in Haiti because of trade? O $865 C $2800 $625 $1500Question 8 (4 points) Price per Pound Quantity of Cheese Demanded (pounds) (dollars) $16 W 14 12 10 8 4 2 10 Refer to the table above, over what range of prices is the demand elastic? between $14 and $16 between $2 and $4 over the entire range of prices between $2 and $8