不不@ O ll 82% 09:37 ECO 101 INTRODUCTION TO ECONOMICS 1 ÖĞR ECO 101 INTRODUCTION TO ECONOMICS 1 FINAL EXAM 25/01/2021 8:30 – 10:00 1.Use the following figure to work. FIGUR E 3.4 Problems 18 and 19 16...

Extracted text: 不不@ O ll 82% 09:37 ECO 101 INTRODUCTION TO ECONOMICS 1 ÖĞR ECO 101 INTRODUCTION TO ECONOMICS 1 FINAL EXAM 25/01/2021 8:30 – 10:00 1.Use the following figure to work. FIGUR E 3.4 Problems 18 and 19 16 14 12 10 100 200 300 400 Quantity (pizzas per day) a. Label the curves. Which curve shows the willingness to pay for a pizza? b. If the price of a pizza is $16, is there a shortage or a surplus and does the price rise or fall? c. Sellers want to receive the highest possible price, so why would they be willing to accept less than $16 a pizza? d. If the price of a pizza is $12, is there a shortage or a surplus and does the price rise or fall? e. Buyers want to pay the lowest possible price, so why would they be willing to pay more than $12 for a pizza? 2. The table sets out the supply schedule of jeans. Price Quantity supplied (millions of a. Calculate the elasticity of supply when the price rises from $125 to $135 a pair. (dollars per pair) pairs per year) b. Calculate the elasticity of supply when the average price is $125 120 24 a pair. 125 28 c. Is the supply of jeans elastic, inelastic, or unit elastic? 130 32 135 36 Price (dolars pe pizo)