Question

For Questions 1-6 refer to below statement and demand and supply function that demand and supply curves for avocado in Brooklyn are as the fol Qd = 72 - 12P Qs = -18 + 6P where Qd and Qs are quantities demanded and supplied in tons respo dollars per kg? aded and supplied in tons respectively, and P is the price of avocado in ' 9pm 1) If price elasticity of demand for avocado at price P* is equal to -6/9, how much a) $2 b) $2.20 % 0 P P = 0/ 22 - 12 P c) $2.40 R d) $2.60 e) $2.80 2) What is quantity demanded at price P at which price elasticity of demand for avocado equals -6/97 a) 42.2 tons b) 43.2 tons = 72 - 12 P c) 44.2 tons d) 45.2 tons e) 46.2 tons 3) If price elasticity of supply for avocado at price P* is equal to 2.5, how much is P*? a) $2 b) $3 c) $4 d) $5 e) $6 4) What is quantity supplied at price P* at which price elasticity of supply for avocado equals 2.5? a) 6 tons b) 12 tons c) 18 tons d) ah tons e) 30 tons

need them in the next 15 min!

Answer 1

OfT2-12 P demend tPria laetuit f AP 12-12P 2 AP So, 12-12P = 2 P 2-12P -6(2-120) -432 +12P te&p 72 Pt loRP 432

Heru pthon (is toet $240 12-12 P 72-12(2) 72-28 aa 132 ton ene, o pnn B s lont frie elaetrity sf Aupply 2:5 11 P se16t6P AP Es ) 2.5- P -18t 6P

-45t 1SPE 6P IS P bpa4S hniey otien is tonet ()d5-18+6P -18t 6/) 12 ton Hene, optres(8) is toret (57 Eauilboun ouss ohen , d 12-12 P- 8+6f 72t18 6Pt 12f

12 ton Hent oplien E) is onet