Question

Uume II 70 questions 70 Points Time Remaining: Not Timed Save Progress Last Saved: 2:29 PM other things being equal, the equilibrium quantity of gasoline must fall. 8) If the price elasticity of supply of doodads equals 0.50 and the price rises by 3 percent, then the quantity supplied of doodads will rise by 0.50 percent. 1.50 percent. 6.00 percent 15 percent. 9) Perfectly elastic demand curves are vertical. (1 pts) True False 10) The demand for French Roast coffee is likely to be (pts) Le BMW O Type here to search

Answer 1

8)

Answer: 1.5

Elasticity of supply = %change in Q /%change in price

.5=%change in Q /3

% change in Q= 3*.5

=1.5

9)

Answer: false

Perfectly elastic demand curve shape is horizontal.