ECON 1530 Lecture Notes - Lecture 22: Vtt Technical Research Centre Of Finland, Minuscule 22

19. At the point on the demand curve where Q = 10 and P=70, the elasticity of demand, expressed as a positive number, is: A) O B) 1 C) 1/5 D) 5 E) 1/7 F) 7 G) 5/7 H) 715 1) 35 J) 1/35 K) 10/7 L) 7/10 M) 40 N) 1/40 0) 12/7 P) 7/12 Q) 12/5 R) 5/12 S) 2/5 T) 5/2 U) 2 V) 1/2 W) 2/25 X) 25/2 Y) none of the above

20. At the point on the demand curve where Q = 16 and P = 40, the elasticity of demand, expressed as a positive number, is: A)0 B) 1 C) 1/5 D) 5 E) 1/7 F) 7 G) 5/7 H) 7/5 1) 35 J) 1/35 K) 10/7 L) 7/10 M) 40 N) 1/40 O) 12/7 P) 7/12 Q) 12/5 R) 5/12 S) 2/5 T) 5/2 U) 2 V) 1/2 W) 2/25 X) 25/2 Y) none of the above

24. Again, the government places a $30 per unit tax on the buyers of widgets. At the new equilibrium, the price paid by buyers (including the tax paid) will be: A) $120 B) $123 C) $126 D) $129 E) $132 F) $135 G) $138 H) $141 1) $144 J) $147 K) $150 L) $153 M) $156 N) $159 O) $162 P) $165 Q) $168 R) $171 S) $174 T) $177 U) $180 V) $183 W) $240 X) $1500 Y) $3000 Z) none of the above