Questlon 1 10 points 5; What type of elasticity is it if the price of Coke goes up and you buy more Pepsi, and is Pepsi a substitute or a complement? O " Income elasticity of Demand, Complement O "' Price elasticity of Demand, Substitute 0 ""Cross elasticity of Demand, Substitute 0 \"Cross elasticity of Demand, Complement Question 2 What is an example of Inelastic Supply? 1. A Supplier is willing to sell 10% more goods if the price goes up down by 100%. 1. A Supplier is willing to sell 10% more goods if the price goes up by 100%. ". A consumer is willing to buy 200% more goods if the price goes down by 50%. O W. A Supplier is willing to sell 100% more goods if the price goes up by 10%.Question 3 What is an example of Income Elasticity of Demand? Ol. Consumers are more willing to buy goods if their Income rises. Ol. Suppliers are more willing to Sell goods if their Income rises. O . Consumers are more willing to sell goods if their Income rises. O W. Suppliers are more willing to buy goods if their Income rises.Question 4 Identify the Graph Below: Q C\"- Perfectly Inelastic Supply '3' "- Perfectly Inelastic Demand O"'-Perfectly Inelastic Supply 0 W- Perfectly Elastic Demand Question 5 What is crass elasticity of demand? 0 '- Change in Price of GOOD A! Change in Demand cf GOOD B C' "- Change in Price of GOOD A and B 1' Change in Price of GOOD B O I"-Change in Cost of GOOD A i Change in Price of GOOD B D \"Change in Price of GOOD A 1 Change in Price of GOOD B Question 6 Which situation is normal elastic demand (note: not unitary elastic)? 1. A consumer is willing to buy 50% more goods if the price goes down by 50%. I. A consumer is willing to buy 25% more goods if the price goes down by 75%. ". A consumer is willing to buy 200% more goods if the price goes down by 50%. O W. A supplier is willing to buy 200% more goods if the price goes down by 50%.Question 7 What is Income elasticity of demand? Ol. Change in Inncome for a change in Demand. I. Change in Demand of Income for a change in Income of Demand. O . Change in Demand for a change in Income. O W. Change in Price of Demand for a change in Price of Income.Question 8 10 points Save Answer Compute the Price Elasticity of Supply and answer if it is Elastic, Inelastic or Unitary Elastic in this situation: Starting Point : Quantity 100, Price 50 Ending Point: Quantity 200, Price 75 Ol. (100-50) /100 divided by (75-50) /50 = + 50% / 50% = 100%, Unitary Elastic O 1. (100-200) /100 divided by (75-50) /50 = - 100% / 50% = -200%, Inelastic O 1. (200-100) /100 divided by (75-50) /50 = + 100% / 50% = 200%, Elastic O N. (100-200) /100 divided by (75-50) /50 = - 100% / 50% = -200%, Negatory ElasticQuestion 9 Compute the PED in this situation and state if it is ELASTIC, INELASTIC or UNITARY ELASTIC: Starting Point : Quantity 1000 , Price $ 10 Ending Point : Quantity 1100 , Price $ 9 1. (1000- 1100) /1000 divided by (10-9) /100 = - 10% / 1% = 10, Elastic 1. (1000- 1100) /1100 divided by (9-10) /10 = - 9% / 10% = - 90%, Unitary Elastic ". (1000- 1100) /1000 divided by (10-9) /100 = - 10% / 1% = 10, Inelastic O IV. (1100- 1000) /1000 divided by (9-10) /10 = - 10% / 10% = - 100%, Unitary ElasticQuestion 10 Identify the graph below. P S Q Ol. Perfectly Elastic Supply Oll. Perfectly Inelastic Supply O Ill. Cross Elasticity of Supply Ow. Perfectly Elastic Demand