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- Skii resorts have an inelastic supply, and motorcycles have an clastic supply. Suppose that a rise in population doubles the demand toboth products (that is, the quantity demanded at each price is twice what it was) a.What happens to the equilibrium price and quantity in each market?b. Which product experiences a larger change in price?c. Which product experiences a larger change in quantity?d. What happens to total consumer spending on cach product?7. If a 1 percent fall in the price of a commodity causes the quantity demanded of the commodity to increase 0.5 percent, demand is: a) inelastic b) elastic c) unit elastic d) perfectly elastic20. When the income of the consumer increases, the supply will __________ . a. Contraction b. Extension c. Fall in supply. d. No change
- A firm's individual demand for good x satisfies, InQ1-8.2/nP +(0.9)InP, +(1.42)InM+ (0.3)/n4 S A new ad campaign for Y has increased P by 7% (%ΔΡ = 7%). By what percent will this change quantity demanded of x ? (It could be positive or negative.) % A recession is expected to drive income down by 5% next year (% AM = -5%). By what percent will this change quantity demanded? (It could be positive or negative.) %a. Explain the main reasons that caused a fall of the oil price started in 2015. b. Is the elasticity of demand and supply for oil in the short-run elastic or inelastic? Explain why? please make sure the answer is correct 100% and to answer in your words.The demand for a commodity generally decreases as the price is raised. Suppose that the demand for oil (per capita per year) is D(p)=1000//p barreis, where p is the price per barrel in dollars. Find the demand when p=55. Estimate the decrease in demand if p rises to 56 and the increase in demand if p is decreased to 54. The demand D(55)= The decrease in demand =? barrels. The increase in demand =? barrels.
- If Price and Total Revenue move in the samedirectionSelect one:O a. Unit Elastic DemandO b. Elastic DemandO c. Inelastic DemandO d. Perfectly Elastic DemandIf the price decreases by 5% and the quantity supplied decreases by 10%, Calculate the PES and say whether supply is price elastic or price inelasticA - What is the shape of the demand curve if its elasticity is infinite?A) Parallel to the quantity axis B) Line exiting the originC) Isosceles hyperbola D) Parallel to the price axis E) Bell curveB - : What is the elasticity of a linear demand curve drawn parallel to the quantity axis?A) 2 B) infinite C) -1 D) 1 E) 0 C - : If aggregate demand increases in an economy while aggregate demand is constant in the short run, which of the following statements is correct for the new equilibrium point?A) price decreases national income increases B) price increases national income increasesC) price increases and national income does not changeD) price goes up and national income goes downE) price decreases and national income decreases.