As the price of maple syrup increased from $6.00 per pint to $7.00 per pint, production increased

Question:

As the price of maple syrup increased from $6.00 per pint to $7.00 per pint, production increased from 250 pints to 300 pints. What is the elasticity of supply over this range? Is supply elastic or inelastic over this range?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Agricultural Economics

ISBN: 978-0136071921

3rd edition

Authors: Evan Drummond, John Goodwin

See More Books

Question Posted: Apr 12, 2016 10:34 AM

See More Questions

The diagram below depicts the demand curve for "mini burgers" in a local fast-food market. Use the information in this diagram to answer the questions that follow. a. What is the price elasticity of...
1. As the price of copper increases, the quantity of copper produced increases because areas with relatively high ________enter the market. 2. Wolfram Elasticity. Consider the Application Wolfram...
1. In the state of Virginia, the demand for vanity license plates is ______ (elastic/inelastic), so an increase in price would ______ (increase/decrease) total revenue from vanity plates. 2. A policy...
Advertising plays a major role in the ______________ stage of the product life cycle, and_______________ plays a major role in the maturity stage.
Lester Company transferred the following assets to a newly created subsidiary, Mumby Corporation, in exchange for 40,000 shares of its $3 par value stock: Required a. Give the journal entry in which...
Solve the following differential equations using Laplace transform A d2y (t)/dt2 + 2dy(t)dt +y (t) =e-2t, y (0) = y t (0) = 0 A d2y (t)/dt2 + 4dy (t)/dt) +4y (t) =u(t), y (0) 0;y (0) = 1
Why is the executive summary an important part of the report?
You have estimated the following probability distributions of expected future returns for Stocks X and Y: a. What is the expected rate of return for Stock X? Stock Y? b. What is the standard...
what extent does the ethos of Continuous Improvement engender a mindset of proactive problem-solving and iterative optimization, thereby engendering a virtuous cycle of refinement that propels...
You are the assistant manager at Bounce Fitness Sydney City. You manage five fitness instructors and a receptionist. You report to the Center Manager, Jacinta Scotts. Using the Professional...
Prices at convenience stores are consistently higher than at supermarkets. Why don't they go out of business?
The demand for veterinary services in general is very inelastic, but the demand for the services of a specific vet is very elastic. Explain why.
What is the earnings process for each of the following scenarios? (a) A manufacturer makes and sells farm equipment. The customer picks up the equipment upon purchase. In addition, there is a...
How do terrorist organizations typically convert cryptocurrencies into fiat currency, considering the challenges associated with direct conversion on traditional exchanges?
What is legislation and what is your responsibility to comply with it?
Visit the site Prosper.com Links to an external site. to find out more about peer-to-peer (P2P) lending. How do they match small lenders and borrowers? Do some additional research to find out what...
With amortization, if you pay $25,050 for your first mortgage payment, how much will you pay for your last mortgage payment?
Assuming monetary benefits of an information system at $100,000 per year starting in year 1, one-time costs of $85,000 in year 0, recurring costs of $25,000 per year starting in year 1, a discount...
Suppose the government imposes a quota restricting the production of apples to an amount less than the competitive market equilibrium quantity. Illustrate this situation on a production possibilities...
In what ways does a well-designed enterprise search software vary from popular search engines (e.g., Bing, DuckDuckGo, and Google)?
Many observers think that the Federal Reserve succeeded in using deft applications of monetary policy to fine-tune the U.S. economy into the full-employment zone in the 1990s without worsening...
During the year 2007, U.S. economic performance deteriorated sharply. Can this decline be blamed on inferior monetary or fiscal policy?
The following table provides data on nominal gross domestic product and the money supply (M1 definition) in recent selected years. Compute velocity in each year. Can you see any trend? How does it...
York's outstanding stock consists of 80,000 shares of cumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years of...
Hudson Community College enrolls students in two departments, Liberal Arts and Sciences. The college also has two service departments, the Library and the Computing Services Department. The usage of...
Robert is designing a new Active Directory Domain Services infrastructure for a company called Litware, Inc., which has its headquarters in New York and two additional offices in London and Tokyo....

As the price of maple syrup increased from $6.00 per pint to $7.00 per pint, production increased

Question:

Step by Step Answer:

To compute the elasticity ...View the full answer

Agricultural Economics

Students also viewed these Economics questions