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(solution) Please help I have 15 minutes to answer . Not sure of the answer


Please help I have 15 minutes to answer . Not sure of the answer


If the price of hamburger meat increases by 20 percent and the quantity supplied by meat packing companies increases by 30 percent, what is the price elasticity of supply? Select one:

 

a. 1.65 b. 1.20 c. 0.67 d. 1.50 Question 15

 

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1 For which of the following purchases would the absolute price elasticity of demand be greatest? Select one:

 

a. a sports car b. utilities c. chewing gum d. a cell phone Question 13

 

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1 The supply curve for housing in the very short run is likely to be Select one:

 

a. very elastic. b. very inelastic. c. unit­elastic elastic. d. perfectly elastic Question 11

 

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1 The paintings of a world famous artist Vincent Van Gogh have a price elasticity of supply Select one:

 

a. equal to 2.0. b. equal to 1.0. c. close to 0.0. d. approaching infinity Question 1

 

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1 A perfectly inelastic demand curve exhibits Select one:

 

a. zero responsiveness to changes in price. b. zero quantity demanded when there is a slight change in price. c. a change in quantity demanded that is proportional to the change in price. d. a change in quantity demanded that is always twenty percent of the change in price. Question 3

 

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1 Six months ago, the price of gasoline was $2.20 per gallon. Now, the price is $2.40 per gallon. In response to this price increase, the number of gallons of gasoline purchased has declined by 2 percent. Based on this information, what is the absolute price elasticity of demand for gasoline? Select one: a. 4.35 b. 1.20 c. 0.23 d. 0.10

 


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