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Consider the market for hotdog buns. Consumers eat hotdog with hotdog buns. If the price of hotdog rises, what will happen to the equilibrium price of hotdog buns?

Suppose the demand for apples sold from one roadside stand in Indianapolis is perfectly elastic. As a result, a 7 percent increase in the price charged by the owner of this stand leads to

Consider the following supply curve, where the current price of a good is $12. If the price rises from $12 to $16, how much additional producer surplus do the initial producers get in the market?

The demand for a good is more price elastic

Questions 38 to 40 refer to the following demand and supply curves in a particular market. Consumer surplus in equilibrium is

Producer surplus in equilibrium is

Based from your answer to question 22, is the demand for DVDs elastic or inelastic?

Figure A below is the step-shaped demand curve for printers and Figure B is the step-shaped supply curve for printers. If a printer is offered for free, then consumer surplus amounts to_____. If the price of a printer is $600, then producer surplus is_____.  

Before starting your exam, show your ” show your work” sheets to the camera.