Refer to the figure above. What is the domestic production of calculators in Barylia, once the economy opens up to free trade?

If the price elasticity of supply for a good is 0.75, then

A) the percentage change in the quantity supplied is less than the percentage change in price. B) the supply is elastic. C) an increase in the price boosts the quantity supplied by a larger percentage. D) the supply is inelastic so the demand must also be inelastic. E) None of the above answers is correct.

Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and costs $1.00. How should Pat get to work?

A. Pat should take the bus because it costs $0.50 less than driving. B. Pat should take the bus if saving half an hour is worth $0.50 or more. C. Pat should drive because it saves half an hour relative to taking the bus. D. Pat should drive if saving half an hour is worth $0.50 or more.