Question: 21. What is the difference between change in demand and change in quantity demanded? 2 22. Explain the following statement: The only thing that can't

21. What is the difference between change in demand and change in quantity demanded? 2 22. Explain the following statement: The only thing that can't cause a change in the demand for gasoline is a change in the price of gasoline. 3 (over please) 23. Consider the following table: Products Production Rates Production Rates Production Rates Production Rates Production Rates A B C D E X 5 10 15 20 25 Y 150 140 120 90 50 What are the Marginal Rate of Transformations (MRTs) from A. A to B B. B to C C. C to D and D. D to E? 4 24. Under what condition does a production possibility frontier take the shape of a straight line? 2 (over please) 25. Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it. 3 26. Consider a price change from $20 to $30 causes the quantity demanded change from 120 units to 80 units. Use the following diagram to set up the table and show with the price elasticity of demand formula in chapter summary to answer: A. What is the price elasticity of demand? 4 P Q B

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