Time left 0:52:11 Jestion 3 The government decides to require that automobile manufacturers install new anti-pollution equipment it yet that costs $2,000 per car. Under what conditions can carmakers pass almost all of this cost along to car iswered buyers? arked out of Select one: Flag under all conditions estion O if demand is inelastic if there is a situation of unit elasticity if demand is elastic Previous page Next pageTime left 0:49:47 10 Demand and supply schedules for gasoline below (all quantities are in thousands of gallons per week) 7 It of According to the information in the table below answer questions 13 Price per supplied galloon Quantity demanded Quality supplied 19 Finish a CO 3 --J 1. The point of equilibrium is P = Q = 2.At a price of $3 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? 3. At a price of $6 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? 4. Suppose the quantity demanded increased by 2000 gallons per week at each price. The point of new equilibrium is P = . Q = At a price of $3 per gallon, how much would the surplus or shortage be?stion 4 Suppose you are in charge of sales at a pharmaceutical company, and your firm has a new drug that ret causes bald men to grow hair. Assume that the company wants to earn as much revenue as possible from wered this drug. If the elasticity of demand for your company's product at the current price is 0.6, would you advise the company to ted out of Select one: lag tion O raise the price O keep the price the same O lower the price evious page Next pageestion 5 If the cross price elasticity of demand is zero then tow goods are twet Swered Select one: rked out of O complements 0 O unrelated Flag estion O inferior O substitutes O normalTime left 0:50:44 Question 6 The reason why the price elasticity of demand is always negative is Not yet answered Select one: Marked out of the upward-sloping form of a demand curve 00 the law of demand Flag question the law of supply the downward-sloping form of a demand curve Previous page Next pageTime left 0:50:19 Choose right statements about capital as a factor of production ed out of Select one or more: O The resource must have been produced O The resource can be used to produce other goods and services O May include physical goods and intellectual discoveries O May include natural resources which used for production ()May include money and bonds us page Next page