5 Figure: Demand ElasticitiesPThe figure shows two different demand curves. Based on the graph, which statement is TRUE?O Elasticity of demand equals the slope of the curve, so demand curve A is more elastic.O Elasticity of demand equals the slope of the curve, so demand curve B is more elastic.O Since these two linear demand curves run through a common point, we can say that at any givenquantity, demand curve A is more elastic than curve BO We cannot infer anything about elasticity from this diagram, because slope does not equal elasticity.Figure! Supply ElasticityPrice70603020O 10.O0105.O 0.2.A400BThe price elasticity of supply between point C and point D is:60012001400QuantityS If the price of apples rises from $1 to $2 and the quantity demanded falls from 1,000 units to 800 units, theabsolute value of the price elasticity of demand is:O 3.0.33.O 12.O 0.5.Figure: Supply TaxPrice$1211.50109.5040O $12.00$11.50O $10.00O $9.5050Supply + $2 taxSupplyDemandQuantityIn the accompanying pizza market, with a $2 tax imposed on the sellers, how much do buyers pay for apizza?

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Figure: Demand Elasticities P t The figure shows two different demand curves. Based on the graph, which statement is TRUE? Elasticity of demand equals the slope of the curve, so demand curve A is more elastic. O Elasticity of demand equals the slope of the curve, so demand curve B is more elastic. O Since these two linear demand curves run through a common point, we can say that at any given quantity, demand curve 4 is more elastic than curve B O We cannot infer anything about elasticity from this diagram, because slope does not equal elasticity.

Figure: Demand Elasticities P t The figure shows two different demand curves. Based on the graph, which statement is TRUE? Elasticity of demand equals the slope of the curve, so demand curve A is more elastic. O Elasticity of demand equals the slope of the curve, so demand curve B is more elastic. O Since these two linear demand curves run through a common point, we can say that at any given quantity, demand curve 4 is more elastic than curve B O We cannot infer anything about elasticity from this diagram, because slope does not equal elasticity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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