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QUESTION 5 If the price elasticity of demand for a good is -2.1, then a 1% decrease in the good's price: O (a) reduces the seller's costs. O (b) increases the seller's costs. O (c) reduces the seller's revenue. O (d) increases the seller's revenue. O (e) shifts the supply curve left. QUESTION 6 To calculate the price elasticity of demand, we need to: O (a) divide the percentage change in the price by the percentage change in the quantity demanded. O (b) multiply the percentage change in the quantity demanded by the percentage change in the price. O (c) multiply the percentage change in the price by the percentage change in the quantity demanded. O (d) divide the percentage change in the quantity demanded by the percentage change in the price. O (e) divide the percentage change in the price by the percentage change in the quantity demanded then multiply this by the inverse of the slope of the demand curve.Consider the following graph. Price ($/unit) 10 OHNWAUOWOD D D 0 10 20 30 40 50 60 70 80 90 100 Quantity (units) When P = $3, the (unsigned) price elasticity of demand for demand curve Dy is and that for D1 is O (a) 1; 1 C (b) 1; 3 O (c) 1; 1/2 O (d) 1/2; 1/3 O (e) 1/4; 1/6QUESTION 8 Consider the diagram below, which illustrates the market for low-skilled labour. Wage ($/hour) $18 b d $16 g $14 n O m D Q1 Q2 Q3 Quantity (hours worked) After operating without restrictions for many years, the government introduces a binding price floor at one of the Indicated wages. Which of the following describes the change in total economic surplus? O (a) Total economic surplus will increase by (a + b + g + 1) - (c + h). (b) Total economic surplus will decrease by c + h. O (c) Total economic surplus will decrease by b + c. O (d) Total economic surplus will decrease by g + h. O (e) Total economic surplus will Increase by g + h