2) If the price of milk increases from $3 to $5 per gallon and the quantity falls from 3 to 1 million gallons, the elasticity of demand for milk is _______. A) 5 B) 1/5 C) 2 D) 1/2 3) The figure above represents the behavior of total revenue as price falls along a straight-line demand curve. What is the price elasticity of demand if total revenue is given by point g? 4) Scott and Susie work at Tres Hermanos Restaurant. Scott can produce a burrito in 15 minutes or a taco in 5 minutes. Susie can produce a burrito in 12 minutes or a taco in 4 minutes. For Susie, the opportunity cost of 1 taco is?
3 5) Which of the following is TRUE? 6) Suppose that hot dogs and hamburgers are substitutes in consumption. If the price of hot dogs falls, then the price of hamburgers will _______ and the quantity of will ________. A) rise; rise B) rise; fall C) fall; rise D) fall; fall 7) Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1. What is the value of Nick's consumer surplus for the milkshakes he buys? Price (dollars per can) Quantity demanded Quantity supplied 0.30 1000 100 0.40 900 300 0.50 750 400 0.60 600 600 0.70 400 800 0.80 200 1000 0.90 100 1200 1.00 50 1400
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