Thank you QUESTION 4 Suppose there is currently a shortage of wheat on the world

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Thank you QUESTION 4 Suppose there is currently a shortage of wheat on the world market. The problem of excess dermand may be removed from the market by Oa increasing the market price. b shilting the supply curve leftward C shifting the demand curve rightward d. Both increasing the market price and shifting the supply curve leftward are plausible actions. QUESTION 5 For U.S consumers, the income elasticity of demand for fruit juice is 1.5. If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of frut Mce demanded next year? +3.75% ?d. +37.5% QUESTION 6 Elasticity meesures Oa the slope of a demand curve. b. the inverse of the siope of a demand curve C. the parcentage change in one variable in response to a one percent increase in ancther variable d sensitivity of price to a change in quantty Click Suve and Submit to save and submit. Click Sove All Answers to soue all ansoers Save

Explanation / Answer

a) "A"

By increasing the market price the shortage can be met.

b) "C"

The demand after decline will reduce by -3.75%. The answer is "C".

c) "D"

The sensitivity of price in response to the demand.  

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