Time left 0:45:59 estion 11 Choose from the list below elements of Labor: yet wered 7 ked out of Select one or more: Yellowstone National Park lag 13 stion O A college professor O The local power plant O The White House O An untapped deposit of natural gas Fini O An unemployed factory worker O The library building on your campus evious page Next pageTime left 0:45:31 Jestion 13 A positive income elasticity it is a sign of t vet swered Select one: arked out of O normal goods O complements Flag lestion O unrelated goods O substitutes inferior goods Previous page Next pageTime left 0:44:47 Question 14 Not yet You consult the economist on your staff who has researched studies on public transportation elasticities. answered She reports that the estimated price elasticity of demand for the first few months after a price change is about -0.3, but that after several years, it will be about -1.5. Marked out of 1.00 Compute what will happen to ridership and revenue over the next few months if you decide to raise fares by 5%. Flag question Select one: O 0.075 O -0.015 O 0.015 O -0.075 Previous page Next pageTime left 0:44:21 qL Question 15 Choose the WRONG statement Not yet answered Select one: Marked out of A demand curve thus shows the relationship between the price and quantity demanded of a good or 1.00 service during a particular period, all other things unchanged. Flag O A demand curve thus shows the relationship between the price and quantity supplied of a good or question service during a particular period, all other things unchanged. The information given in a demand schedule can be presented with a demand curve, which is a graphical representation of a demand schedule. Previous page Next page W TasTime left 0:43:53 on 16 Fill the gaps The of a line is the change in the value of the variable on the vertical axis divided by red the change in the value of the variable on the horizontal axis between two points. is the out of ratio of the percentage changes. Select one: O elasticity, slope O slope of demand curve, slope of supply curve O elasticity of demand, elasticity of supply slope, elasticity ious page Next page