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Circle the one best answer, ll in the hlankas), or work out completely. Show calculations, please- 1. If supply decreases and demand also decreases, we can conclude that the new equilibrium: a. Quantity must increase but market price may ll, stay the same or even increase. 1:. Price must fall but market quantity may fall, stay the same or even increase. c. Price must increase but market quantity may fall, stay the same or et-'en increase- d. Quantity mnst decrease but market price may fall- stay the same or even increase- e. Both market quantity and market price must increase. f. hdarket quantity must increase, and market price must decrease. 2. Un the diagram for question two, circle the letter that correctly completes the following statement: Let D] and 51 represent the original supply and demand curves. If there has been only an increase in demand, then the new equilibrium point will he '1' Price 3. 3 One of the following equations represents a supply curve and the other a demand curve. You hayetq decide which is which. Circle the answer for question three that is the closest to being cerrect. The equations are: Q215D1DP Q=1DD+5.EP Circle the answer. 3.2 613.1] 111-0 113D 130.3 1511.0 4. Here is a function that is either a demand function or a supplyr lunction [but not both): Q = E 5F A change occurs so that the following function now represents the situation: Q =2 5F We can conclude that [circle the appropriate conclusion on the answer sheet)- a. demand has increased b. demand has decreased c. supply has increased d. supplyr has decreased e. quantity supplied has decreased f. quantity demanded has decreased g. quantity demanded has increased h. quantity supplied has increased 5. Here is a demand function: Q =1\" 5F. Unthe answer sheet circle your choice for its marginal revenue M}1nction. Circle the correct formula for marginal revenue {MR} a. MR=2.4Q b. MR=3.5Q E. MR=1.157Q c. MR=1.5.2Q d. NIR=1.333Q f. DIR =1.5.333Q ti. Circle your choice for the quantity that will maximize total revenue for the mction in 5 {above}. T. Suppose the price elasticity of demand for bread is EDD. [t'the price of bread rises by 143%, the quantity demanded will decrease by: a. 2 percent and total expenditures on bread will rise. b. 2 percent and total expenditures on bread will fall. c. 2!] percent and total expenditures on bread will rise- d. 20 percent and total expenditures on bread will fall. e. 2!] percent and total expenditures on bread will be unchanged. 3. Suppose that a 10% decrease in the price of good Y causes a 20% decrease in demand for good X. The coefcient of crossprice elasticityr of demand is: a. negative and therefore these goods are inferior goods. 11. negative and therefore these goods are complements. c- positive and therefore these goods are substitutes- [1 positive and therefore these goods are normal goods. 9. A price increase om $213 to $40 causes quantityr demandedto decrease from l units to SI] units- The price elasticityr of demand in this price range is: {139 {1.5 .89 1.0 1.?5 2.33 ll]. The income elasticity of demand for a good is 0.5- If income increases by 5%, how much can demand he expected to increase? 2.5% 3% 113% 15% 25% 413% ll. Demand for X decreases 'om 100 to 51\".] when the price on decreases from $2 to $6. The cross-price elasticityr of demand is: 3.6? l.22 1.22 1.44 3.6? 4.33