Question

Please answer questions 2,3,4

QUESTION 2 Suppose a producer is able to separate customers into two groups, one having an inelastic demand and the other having an elastic demand. if the producer's objective is to increase total revenue, she should O 1 increase the price for both groups of customers O2 decrease the price charged to customers with the elastic demand and increase the price charged to customers with the inelastic demand O3.decrease the price to both groups of customers O4.increase the price charged to customers with the elastic demand and decrease the price charged to customers with the inelastic demand. QUESTION 3 Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fal substantially over a ten-year period because O1.buyers tend to be much less sensitive to a change in price when given more time to react O 2 the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline. O3.buyers will have substantially more real income over a ten-year period O 4. buyers tend to be much more sensitive to a change in price when given more time to react. QUESTION4 The demand for Neapolitan ice cream is likely quite elastic because O 1 this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers O 2.other flavors of ice cream are good substitutes for this particular flavor O3. the market is broadly defined. O4.ice cream must be eaten quickly. QUESTION5 Figure 5-4 rice Click Suve and Subnit to save and submit. Click Suve All Ansicers to save all answers 3 4 5 6 8 9 0