Only Question 3 solve pls (MCQ) ..... Question 3Table 6-6Price of Book Copies Sold atThat PriceTotal Revenue atThat Price$14.999.99100,000$1,499,000174,0001,738,000Refer to Table 6-6. Based on the data in the table, between a price of $9.99 and $14.99, the price elasticity of demand for books isO-1.35.O -0.74.O-14.8.O-1.16. Question 2 of 5Y10987654321001 234 5 6 7 8 910ltotal income per day.Consider the figure above and suppose the person has 7 hours per day to divide between labour and non-labour activities.A. If non-labour income is $0.50 per day, this individual will choosehours of work andwill have $hours instead and enjoyhours of leisure. Their income from labour will be $B. If non-labour income increases to $2, they will workC. Comparing parts A and B above, the income elasticity of this person's labour is equal tohours of leisure. Their total income per day will now be $(round to two decimal places) which is(elastic/inelastic).Now (ignoring the figure above) suppose aggregate labour supply is measured as aggregate number of hours worked (L) given wage (w).A. Graph the labour supply if L=5w. The (total) elasticity of labour supply isB. Graph the labour supply if L. = 14w. The (total) clasticity of labour supply isper day and they

The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Table 6-6 Price of Book Copies Sold at Total Revenue at $14.99 9.99 That Price 100,000 174,000 That Price $1,499,000 1,738,000 Refer to Table 6-6. Based on the data in the table, between a price of $9.99 and $14.99, the price elasticity of demand for books is O-1.35. O -0.74. O-14.8. O-1.16.

Table 6-6 Price of Book Copies Sold at Total Revenue at $14.99 9.99 That Price 100,000 174,000 That Price $1,499,000 1,738,000 Refer to Table 6-6. Based on the data in the table, between a price of $9.99 and $14.99, the price elasticity of demand for books is O-1.35. O -0.74. O-14.8. O-1.16.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 2CQQ: The price of a good rises from 8 to 12, and the quantity demanded falls from 110 to 90 units....

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Question

Only Question 3 solve pls (MCQ) .....

Question 2 of 5
Y
10
9
8
7
6
5
4
3
2
1
0
0
1 2
3
4 5 6 7 8 9
10
l
total income per day.
Consider the figure above and suppose the person has 7 hours per day to divide between labour and non-labour activities.
A. If non-labour income is $0.50 per day, this individual will choose
hours of work and
will have $
hours instead and enjoy
hours of leisure. Their income from labour will be $
B. If non-labour income increases to $2, they will work
C. Comparing parts A and B above, the income elasticity of this person's labour is equal to
hours of leisure. Their total income per day will now be $
(round to two decimal places) which is
(elastic/inelastic).
Now (ignoring the figure above) suppose aggregate labour supply is measured as aggregate number of hours worked (L) given wage (w).
A. Graph the labour supply if L=5w. The (total) elasticity of labour supply is
B. Graph the labour supply if L. = 14w. The (total) clasticity of labour supply is
per day and they

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