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1) Recent flooding from repeated hurricanes has eliminated 50 percent of the cotton crop in the US. If the elasticity of demand for cotton is -2, what will happen to the price of cotton? A) Increase by 25 percent B) Increase by 50 percent C) Increase by 100 percent D) Cannot determine based on this information 2)Hurricane Irma has reduced the global output of grapefruit by 60 percent. If the elasticity of grapefruit demand is -3, what will happen to the price of grapefruit? A) Price will rise by 60 percent B) Cannot determine from this information C) Price will rise by 180 percent D) Price will rise by 20 percent 3) Dwayne Johnson is about to make another Fast and Furious movie. He is deciding whether to be paid a lump sum of $20 million versus an incentive scheme where he gets paid $10 million up front and can makes $2 for each ticket sold in the US. Dwayne will select the incentive-based pay plan as long as A) Dwayne is not risk averse B) Dwayne is confident the movie will get good reviews C) Both of the above D) None of the above

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