Amount of the producer surplus for juan carlos combined

Question 1. If a 1% fall in the price of a product cause the quantity demanded of the product to increase by 2%, demand is

(a) inelastic
(b) elastic
(C) unit elastic
(D) perfectly elastic

Question 2. The minimum acceptable price for a product that Juan is willing to receive is \$20. It is \$15 for Carlos. The actual price they receive is \$25. What is the amount of the producer surplus for Juan Carlos combined?

Question 3. Compared to the lower-right portion, the upper-left portion of most demand curves tends to be

(a) more inelastic
(b) more elastic
(c)unit elastic
(d) perfectly inelastic

Question 4. Katie is willing to pay \$50 for a product and Tom is willing to pay \$40. The actual price that they have to pay is \$30. What is the amount the consumer surplus for Katie and Tom combined. \$30, \$40, \$50 or \$60

Question 5. If when the price of a product rises for m\$1.50 to \$2, the quantity demanded of the product decreases from 1000 to 900, the price elasticity of demand coefficient, using the midpoint formula is?

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