a. Use the figure to show what occurs to price and quantity when supply decreases and demand
Question:
a. Use the figure to show what occurs to price and quantity when supply decreases and demand is perfectly elastic.
b. Use the figure to show what occurs to price and quantity when supply increases and demand is perfectly inelastic.
Transcribed Image Text:
Perfectly Inelastic Demand $1 A 52 B D Perfectly Elastic Demand
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Joel mwangi
Greetings! I am a highly qualified and dedicated tutor with a passion for instilling a love for the sciences in my students. Holding a Master's degree in Chemistry, I bring over a decade of enriching experience in teaching both Biology and Chemistry at higher levels. My academic background has equipped me with a deep understanding of the subject matter, allowing me to foster a dynamic and engaging learning environment.
My expertise extends beyond traditional classrooms, as I have successfully navigated the realm of online tutoring for over 5 years. This experience has honed my ability to adapt to diverse learning styles and create personalized approaches that cater to individual needs. I find immense joy in breaking down complex scientific concepts into digestible, easy-to-understand components, ensuring that my students not only grasp the material but also develop a profound appreciation for the subject matter.
Beyond the confines of the laboratory, my interests span across both physical and social sciences. This broad perspective allows me to connect seemingly disparate ideas, offering a holistic understanding of the interconnectedness of various scientific disciplines. I am not only a teacher but also a lifelong learner, continuously seeking new ways to enhance my own knowledge and share these insights with my students.
One of my standout skills lies in my mastery of various writing formats. This proficiency enables me to guide students not only in understanding scientific principles but also in expressing their ideas eloquently in both oral and written forms. I firmly believe that effective communication is paramount in the learning process, and I strive to empower my students with the skills necessary to articulate their thoughts with clarity and precision.
My commitment to excellence is reflected not only in my academic qualifications and teaching experience but also in my high proficiency in the English language. Clear communication is the cornerstone of effective teaching, and I ensure that my students are equipped with the language skills needed to excel in their academic pursuits.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Economics: Elasticity Explain shortly. Please do correctly and take your time. There is a written question at the bottom. There are total thirty one MC and one written. 1. What is the effect on total...
-
Find the area (if it is possible) of the region between the graph of y = Do not use the co symbol in your answer.) 1 (5x 4)3/2 - and the x-axis to the right of x = 4. (If not possible, enter...
-
25) What is measured by the price elasticity of supply? A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. B) The price elasticity of...
-
Freddie and Jason have just opened the Texas Toothpick, a chain-saw sharpening and repair service located on Elm Street. The Texas Toothpick promises same-week repair service. Freddie and Jason are...
-
The Weiland Computer Corporation is trying to choose between the following two mutually exclusive design projects: Year ________Cash Flow (I) ____________Cash Flow (II) 0 .................. -$53,000...
-
Liquid extraction is an operation used to separate the components of a liquid mixture of two or more species. In the simplest case, the mixture contains two components: a solute (A) and a Liquid...
-
In a recent study on risk factors for strokes, the American Heart Association (AHA) collected data on age, systolic blood pressure, diastolic blood pressure, and risk of stroke; risk is interpreted...
-
The March 4, 2010, edition of the Wall Street Journal Online contains an article by Jeffrey McCracken and Tom McGinty entitled With Fistfuls of Cash, Firms on Hunt. Instructions Read the article and...
-
What is the maximum axial force that can be applied to a part if the cross-sectional area is given as A = 0.05 cm2 , n=2 and tensile strength is given as 100 MPa.
-
Explain why a 40 percent across-the-board tax increase on businesses might harm consumers.
-
Explain how consumers will react to a job loss. What will be the first goods they will do without? What is the income elasticity of demand for those goods?
-
Water in an open dish exposed to dry air at 25oC is found to vaporize at a constant rate of 0.04 g/h-cm2. Assuming the water surface to be at the wet-bulb temperature of ll.0C, calculate the...
-
Discuss the major classical approaches to management ?
-
A block slides smoothly along an inclined surface that makes an angle with the horizon. The angle of inclination decreases. a) How does the coefficient of friction of the slide change between flat...
-
What are key areas that businesses need to look at when evaluating their performance?
-
Liquidity comes from those investors who are willing and able to buy and sell. Sentiment, monetary and fiscal policy, and a host of other factors affect the willingness and ability of investors. Over...
-
The Martz family pays a rate of 37.5 mills in property tax. The assessed value of the home is $68,000. What is their property tax?
-
Air is to be compressed steadily and isentropically from 1 atm to 25 atm by a two-stage compressor. To minimize the total compression work, the intermediate pressure between the two stages must be...
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
You decide to buy a house! If the house costs $243,000, and your down payment on the house is 5%. a) How much is the down payment on this house? If you can get the mortgage for 5.25% compounded...
-
Aaron Kinequon is about to graduate from the First Nations University of Canada (FNUniv) with a degree in Administration and a major in accounting from the Indigenous Business and Public...
-
If Martin observes that the risk - free rate is 2 % and the market risk premium is 5 % then , according to the Capital Asset Pricing Model he knows that for a stock with a beta of 1.4, the required...
Study smarter with the SolutionInn App