The image shows a dropdown menu with three options related to elasticity in economics:1. **Unit Elastic**2. **Elastic**3. **Inelastic**This menu appears to allow the selection of one of these categories, which describe the responsiveness of quantity demanded or supplied to changes in price. - **Unit Elastic**: A situation where a change in price results in an equal proportional change in quantity demanded or supplied.- **Elastic**: A condition where a change in price leads to a more than proportional change in quantity demanded or supplied.- **Inelastic**: A scenario where a change in price results in a less than proportional change in quantity demanded or supplied. The supply and demand for the market for gasoline is shown below, where quantity is measured in millions of gallons of gas.**Graph Explanation:**- The graph is a standard supply and demand chart.- The vertical axis (labeled P) represents the price.- The horizontal axis (labeled Q) represents the quantity.- The demand curve (labeled D) slopes downward from left to right, indicating that as the price decreases, the quantity demanded increases.- The supply curve (labeled S) slopes upward from left to right, indicating that as the price increases, the quantity supplied increases.- The intersection of the supply and demand curves shows the equilibrium price and quantity in the market.From the graph, it is clear that the demand for gasoline is relatively [dropdown menu] and the supply for gasoline is relatively [dropdown menu].

Elasticity is the ratio of the percentage change in the quantity demanded because of the percentage…

Answered: From the graph it is clear that the…

Business

Economics

From the graph it is clear that the demand for gasoline is relatively • Jand the supply for gasoline is relatively

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please help! i cant tell a difference between z and y, and x and w.
ANSWER THE FOLLOWING AND BASE ON THE FORMULA GIVEN IN THE IMAGE 1. Trek Inc., which sells bikes, changed the price of their foldable bikes from P3,000 to P3,500. As aresult, the quantity of their product sold went from 700 bikes to 500 bikes. Compute for the priceelasticity of demand. Indicate whether the product’s demand is elastic or inelastic. 2. Miko is a collector of matchbox cars. He used to buy five (5) cars every payday. However, whenhis income was raised from P17,000 to P20,000, he started to buy 10 cars. What is the incomeelasticity of demand?
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Please do not provide answer in image formate thnak you.