(60)Using the midpoint formula, what would be the price elasticity of demand for a kidney transplant if the number of transplants decreased from 6,000 to 4,000 per week after its price increased from...

(60)Using the midpoint formula, what would be the price elasticity of demand for a kidney transplant if the number of transplants decreased from 6,000 to 4,000 per week after its price increased from $6,000 to $10,000?
(a)0.84
(b)0.56
(c)0.80
(d)None of the above
(61)What is the mature of the price elasticity of demand for kidney transplants in Q#60 above?
(a)Unitary elastic
(b)Elastic
(c)Inelastic
(d)Perfectly inelastic
(62)Suppose the chairman of the board of a supermarket chain proposes that a 12 percent increase in the prices of their
eakfast cereals will cause revenues for the supermarket chain to decrease. It can be infe
ed that the chairman thinks that the demand for
eakfast cereals is:
(a)Inelastic
(b)Elastic
(c)Inelastic, but not perfectly inelastic
(d)Elastic, but not perfectly elastic
(63)Which of the following statements about the elasticity of demand for Dell computers and Gateway computers by college students is false?
(a)These goods have a cross elasticity of demand that is greater than zero
(b)These goods have a demand curve that is negatively sloped
(c)These goods are substitutes
(d)All of the above
(64)Which of the following statements is true about complements and false about substitutes given ceteris paribus?
(a)Complements are goods with positively sloped demand curves and substitutes are goods with negatively sloped demand curves
(b)Complements are goods with cross elasticity of demand greater than zero and substitutes are goods with cross elasticity of demand less than zero
(c)Complementary goods have a joint decrease in their demand whenever the price of one complementary good decreases and substitutes are goods that have an inverse movement in their demand whenever there is a price change
(d)None of the above
(65)Which of the following statements is false?
(a)Consumers with an elastic demand for a service will not bear the burden of a tax if the suppliers of a good have an inelastic supply
(b)Suppliers with an inelastic supply for a service will not bear the burden of a tax if the consumers of a good have an elastic demand
(c)Suppliers with an inelastic demand for a service will bear the burden of a tax if the consumers of a good have a perfectly elastic demand
(d)Consumers with an inelastic demand for a service will share the burden of a tax if the suppliers of a good have an inelastic supply
(66)Which of the following statements does not co
ectly represent who bears the burden of a tax incidence in a market?
(a)Suppliers have a steep supply curve for a service and consumers have a flat demand curve for the service
(b)Consumers have a steep demand curve for a service and suppliers have a flat supply curve for the service
(c)Consumers have a horizontally sloped demand curve for a service and suppliers have a horizontally sloped supply curve for the service
(d)Suppliers have a vertically sloped supply curve for a service and consumers have a flat demand curve for the service
(67)If Sydney, the natural juice man, lowers the price of his natural juice from $6 to $5 and finds that sales increase from 400 to 600 bottles of juices per week, then the demand for Sidney’s juices in this range is:
(a)Cross price elastic
(b)Price inelastic
(c)Perfectly elastic
(d)None of the above
(68)Which of the demand curves in Figure#1 above accurately represents the demand curve for Sydney’s natural juices referenced in Q#67 above?
(a)D1D1
(b)D2D2
(c)D3D3
(d)D4D4
(69)Which of the following statements provides a rationale for the best answer in Q#68 above?
(a)The consumers of Sydney’s juices are not responsive to the changes in the prices of his juices
(b)The consumers of Sydney’s juices are highly responsive to the changes in the prices of his juices
(c)The consumers of Sydney’s juices are totally...