Question :
51.Supposethatanincreaseinthepriceofmelonsfrom$1.30to$1.80perpoundincreasesthequantityofmelonsthatmelonfarmersproducefrom1.2millionpoundsto1.6millionpounds.Usingthemidpointmethod,whatistheapproximatevalueofthepriceelas : 1262396
51.Supposethatanincreaseinthepriceofmelonsfrom$1.30to$1.80perpoundincreasesthequantityofmelonsthatmelonfarmersproducefrom1.2millionpoundsto1.6millionpounds.Usingthemidpointmethod,whatistheapproximatevalueofthepriceelasticityofsupply?
a.0.67
b.0.89
c.1.00
d.1.13
52.Anincreaseinthepriceofcheesecrackersfrom$2.25to$2.45perboxcausessuppliersofcheesecrackerstoincreasetheirquantitysuppliedfrom125boxesperminuteto145boxesperminute.Usingthemidpointmethod,supplyis
a.elastic,andthepriceelasticityofsupplyis1.74.
b.elastic,andthepriceelasticityofsupplyis0.57.
c.inelastic,andthepriceelasticityofsupplyis1.74.
d.inelastic,andthepriceelasticityofsupplyis0.57.
53.Abakerywouldbewillingtosupply500bagelsperdayatapriceof$0.50each.Atapriceof$0.80,thebakerywouldbewillingtosupply1,100bagels.Usingthemidpointmethod,thepriceelasticityofsupplyforbagelsisabout
a.0.62.
b.0.77.
c.1.24.
d.1.63.
54.At-shirtmakerwouldbewillingtosupply75t-shirtsperdayatapriceof$18.00each.Atapriceof$20.00,thet-shirtmakerwouldbewillingtosupply100t-shirts.Usingthemidpointmethod,thepriceelasticityofsupplyfort-shirtsisabout
a.0.37,andsupplyiselastic.
b.0.37,andsupplyisinelastic.
c.2.71,andsupplyiselastic.
d.2.71,andsupplyisinelastic.
55.InJanuarythepriceofdarkchocolatecandybarswas$2.00,andWilly’sChocolateFactoryproduced80pounds.InFebruarythepriceofdarkchocolatecandybarswas$2.50,andWilly’sproduced110pounds.InMarchthepriceofdarkchocolatecandybarswas$3.00,andWilly’sproduced140pounds.ThepriceelasticityofsupplyofWilly’sdarkchocolatecandybarswasabout
a.0.70whenthepriceincreasedfrom$2.00to$2.50and0.76whenthepriceincreasedfrom$2.50to$3.00.
b.0.88whenthepriceincreasedfrom$2.00to$2.50and1.08whenthepriceincreasedfrom$2.50to$3.00.
c.1.42whenthepriceincreasedfrom$2.00to$2.50and1.32whenthepriceincreasedfrom$2.50to$3.00.
d.1.50whenthepriceincreasedfrom$2.00to$2.50and1.18whenthepriceincreasedfrom$2.50to$3.00.
56.InJanuarythepriceofwidgetswas$1.00,andWendy’sWidgetsproduced80widgets.InFebruarythepriceofwidgetswas$1.50,andWendy’sWidgetsproduced110widgets.InMarchthepriceofwidgetswas$2.00,andWendy’sWidgetsproduced140widgets.ThepriceelasticityofsupplyofWendy’sWidgetswasabout
a.0.79whenthepriceincreasedfrom$1.00to$1.50and0.84whenthepriceincreasedfrom$1.50to$2.00.
b.1.27whenthepriceincreasedfrom$1.00to$1.50and1.19whenthepriceincreasedfrom$1.50to$2.00.
c.0.79whenthepriceincreasedfrom$1.00to$1.50and1.19whenthepriceincreasedfrom$1.50to$2.00.
d.1.27whenthepriceincreasedfrom$1.00to$1.50and0.84whenthepriceincreasedfrom$1.50to$2.00.
57.Atpriceof$1.20,alocalpencilmanufactureriswillingtosupply150boxesperday.Atapriceof$1.40,themanufactureriswillingtosupply170boxesperday.Usingthemidpointmethod,thepriceelasticityofsupplyisabout
a.2.0.
b.1.23.
c.1.00.
d.0.81.
58.Atpriceof$1.30perpound,alocalappleorchardiswillingtosupply150poundsofapplesperday.Atapriceof
a.1.14.
b.1.00.
c.0.875.
d.0.50.
59.Atpriceof$1.25,apapermanufactureriswillingtosupply150spiralnotebooksperday.Atapriceof$1.50,thepapermanufactureriswillingtosupply175spiralnotebooksperday.Usingthemidpointmethod,thepriceelasticityofsupplyisabout
a.1.18.
b.1.00.
c.0.85.
d.0.25.
Figure5-14
60.RefertoFigure5-14.Overwhichrangeisthesupplycurveinthisfigurethemostelastic?a.$16to$40
b.$40to$100
c.$100to$220
d.$220to$430
