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(&113@':5!':
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1. Wayne and Garth are producers of bootleg recordings of 80's metal bands. The following table shows their supply schedules. Price per Recording Quantity Supplied (Wayne) Quantity Supplied (Garth) $2 2 0 4 3 1 6 5 2 8 6 4 10 7 5 This is known as _______. A. The Law of the Market B. The Law of Demand C. The Law of Supply D. Wayne's Law 2. The price elasticity is the absolute value of the percentage change in quantity divided by the percentage change in price: Price Elasticity = | % Change in Quantity / % Change in Price | The graph below shows two known points (X and Y) on a demand curve for apples. What is the price elasticity of demand of apples between point X and point Y? X(9,3) Y(7,5)A. 1.20 B. 4.00 C. 0.25 D. 0.50 3.1 The following graph shows the demand for a good. Between points A and B, the price changes by 40% and the quantity demanded changes by approximately 29%. In this region the demand for this good is _______. A(3,18) B(4,12) C(6,8) D(9,6)A. Unit elastic B. Elastic C. Inelastic 3.2 Between points B and C, the price changes by 40% and the quantity demanded changes by 40%. In this region the demand is ________. A. Inelastic ...
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