Hello, need help with this micro questions. Please take your time and pick the right answer, after that write a short explanation of why you pick this answer and why my answer is not correct.

1. The orange market is in equilibrium. Suppose we observe that orange growers are using more pesticides to increase orange production. At the same lime. we hear that the price of apples. a substitute for oranges, is rising. Which of the following is a reasonable prediction for the new price and quantity of oranges? a. Price increases. but quantity is indeterminable b. Price decreases, but quantity is indeterminable c. Price is indeterminable. but quantity increases d. Price is indeterminable. but quantity decreases Both price and quantity are indeterminable 2. Assume that consumers consider ground beef to be an inferior good, but consider let mignon to be a normal good. An increase in consumers' incomes will most likely affect the equilibrium price and quantity of ground beef and let mignon in which of the following ways? Ground Beef Filet Mignon it P11 ("@- Decrease Decrease Increase Increase "b. Decrease Increase Increase Decrease c. Decrease Decrease Decrease Decrease d. increase Increase Decrease Decrease e. Increase Decrease Increase Decrease 3. If the price of chips increases from $3.99 per bag to $5.25 per bag. which of the following will occur? a. The supply of chips will increase The supply of chips will decrease The demand for chips will decrease There will be a decrease in the quantity demanded of chips There WI\" be a decrease in the quantity supplied of chips 599-957 4. Which of the following will not change the demand for ice cream? r a change in consumers' incomes ,b/ a change in the price of frozen yogurt. a substitute for ice cream _ a change in the price of ice cream 0 a change In consumers' taste for ice cream - an expectation that the consumption of ice cream may cause diabetes 5. Following a decrease in the supply otcorn. the price of high fructose corn syrup increased by 10 percent. which resulted in a 20 percent increase in the quantity of sugar demanded. This implies that the cross price elasticity of demand between high fructose corn syrup and sugar is a. 0 @ 0.5 c. 1 d. 2 e Indeterminate 6. If the demand for good Y decreases as the price of good X increases, it can be concluded that X is an inferior good and Y is a normal good X is a normal good and Y is an inferior good Both X and Y are inferior goods X and Y are substitute goods X and Y are complementary goods 7. Which of the following must be true if the revenues of corn farmers increase when the price of corn increases? the supply of corn is price elastic the supply of corn is income elastic the supply of corn is unit elastic the demand for corn is price elastic the demand for corn is price inelastic 8. A department store increased the price of its clothing by 30 percent, and the quantity of clothes sold decreased by 20 percent. The store can conclude that the demand for clothing is relatively inelastic unit elastic relatively elastic perfectly inelastic perfectly elastic PRICE Supply after tax Supply before tax es Rev. P Tax B P to gov . H p GPS Demand 9. Q1 Q2 QUANTITY The letters in the graph denote the enclosed areas If the government imposes a per-unit tax on each unit of good X, which of the following represents the consumer surplus, producer surplus, and deadweight loss after the imposition of the tax? Consumer Surplus: A+B+C+D, Producer Surplus: H+F+E,G, Deadweight Loss: none Consumer Surplus: A+B+C+D, Producer Surplus: H+F+E,G, Deadweight Loss: D+E Consumer Surplus: A+B+H, Producer Surplus: G+F+C, Deadweight Loss: E Consumer Surplus: A. Producer Surplus: G, Deadweight Loss: D+E e . Consumer Surplus: G. Producer Surplus: A, Deadweight Loss: D+E 10. After the government imposed a $0.20 per gallon tax on gasoline, the price of a gallon of gasoline increased from $1.00 to $1.15. Which of the following statements is true? a. Consumers bear the entire burden of the tax, since producers can pass the tax along to consumers. b. Consumers and producers share the tax burden equally. C Consumers bear most, but not all, of the tax burden. d. Producers bear most, but not all, of the tax burden. e. Producers bear the entire burden of the tax, since producers want the consumers to be repeat customers."III Ii. II'IIIICI cu m 32' " We Assume that the supply of jeans'g'relatively price inelastic. while the demand for . jeans is relatively price elastic. If the eminent Imposes a per-unit tax on the production of jeans. the incidence of the tax will fall ,1/ entirely on sellers more on sellers than on buyers . entirely on buyers d. more on buyers than on sellers e. equally on both buyers and sellers X is a normal good and is a complement to Y. c. X is an inferior good and is a substitute for Y. d. X is an inferior good and is a complement to Y. e. X is a normal good and Y is an inferior good. , ' mm l Qiilirl} P. Ik'ItLti nl [I or turn 13. The letters on the graph above represent enclosed areas. When the market is in equilibrium. the total economic surplus is equal to area a. f + k b. H g + i + k c. g+h+i+j @f+g+h+i+i+k e. l+g+h+i+j+k+l+m 14. if shirts and ties are complements and the following is most likely to occur in the market for ties in the short run'? a. The equrlibrium price and quantity of ties will increase. if the price of shirts increases due to an increase in the price of cotton. which of x The equilibrium price and quantity of ties will decrease. The equilibrium price of ties will increase and the equilibrium quantity will decrease I d. The supply oi ties will increase. e. The demand for ties will increase. 15. A decrease in the supply of pencils results in which of the following? a. A surplus of pencils in the market / X An increase in the demand for erasers. a complement in consumption K An increase in the quantity demanded oi pencils d. A decrease in the demand for pencils )Q'. A decrease in the consumer surplus of pencil buyers I'll a. IIIIIIVI I '_ 15. Assume that in a competitive equilibrium. 1,000 units are sold at $20 per unit. Following the impOSion 01' 3 '- unit ta x. the new consumer price is 823. and the new equilibrium quantity is 950 units. What ar revenue collected and the deadweight loss? a. Tax revenue $4.000. Deadweight loss $3.000 Tax revenue $3.800; Deadweight loss 5200 P' H ' ' Tax revenue $3.300; Deadweight loss $100 '1'. Tax revenue 53.000; Deadweight loss $100 Tax revenue $200; Deadweight loss $200 (\"F1957 Q! Qt Q 17. The demand curve for shoes is downward sloping. and the absolute value of the price elasticity of demand is 2. If the price of shoes increases by 3 percent. what will happen to the quantity of shoes demanded? a. It will decrease by 6% b. It will decrease by 3% c. It will decrease by 2% d. It will increase by 6% e. It will increase by 3% E D Supply 9 a $4 __________ l 53 ------ : I I I I i :' _1__ a __ _ __. ._ o to 15 Quantity 18. What is the price elasticity of supply between 83 and $4 in the graph above? It is greater than 1. and the supply is relatively inelastic. It is greater than 1. and the supply is relatively elastic. it is equal to 1. and the supply is unit elastic. .' It is less than 1. and the supply is relatively elastic. ' It is less than 1. and the supply is relatively inelastic. sense 19. Which of the followrng events Will cause the demand curve for hamburgers to shift to the right? >3; A decrease in the cost of producing hamburgers b. A decrease \"'1 the price of hamburgers c. An increase in the price of hamburgers d. An increase in the price of pizza. a substitute for hamburgers e. An increasa in the price of a french fries. a complement to hamburgers 20. Which of the following will cause the supply curve for shoes to shill to the right? a An increase in the price of socks. assuming that shoes and socks are complements A decreasa in the price of sandals. assuming that shoes and sandals are substitutes An increase in the wages of shoe workers b. c. d. An increase in the number of rms producing shoes K A decrease in the income of consumers. assuming that shoes are normal goods