The equation for a supply curve is 4P = Q. What is the elasticity of supply as

Question:

The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?

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

Step by Step Answer:

Related Book For answer-question

Principles Of Economics

ISBN: 9781506699868

2nd Edition

Authors: OpenStax

Question Posted: Oct 29, 2023 09:53 AM

See More Questions

The equation for a demand curve has been estimated to be 0 - 100 - 10 P + 0.5 Y, where Q is quantity, P is price, and K is income. Assume P = 7 and Y = 50. a. Interpret the equation. b. At a price of...
The equation for a demand curve is P = 2/Q. What is the elasticity of demand as price falls from 5 to 4? What is the elasticity of demand as the price falls from 9 to 8? Would you expect these...
The equation for a supply curve is P = 3Q 8. What is the elasticity in moving from a price of 4 to a price of 7?
Perhaps more surprising to Mr. Pitkin was a proposal by the VP of Marketing to make a major investment in market share by increasing promotional expenditures by $2.5 million during 1998-2000. Sales...
Using the financial information in the following tables, compute the required ratios list on the ratio analysis sheet and then complete the horizontal and vertical analyses worksheets. Income...
Atlantis Companys ending inventory is understated $4,000. The effects of this error on the current years cost of goods sold and net income, respectively, are: (a) understated, overstated. (b)...
Gilead is a large drug producer, with a majority of its prescription drug product sales occurring in the United States. Gilead produces anti-HIV drug therapies, including the drugs Atripla, Truvada,...
Inventory management and the balanced scorecard. Devin Sports Cars (DSC) has implemented a balanced scorecard to measure and support its just-in-time production system. In the learning and growth...
Users complain that a database server has slowed down over the last hour despite the fact that no more users have connected Option. You run an antimalware scan, which comes up clean Option. The...
The supply of paintings by Leonardo Da Vinci, who painted the Mona Lisa and The Last Supper and died in 1519, is highly inelastic. Sketch a supply and demand diagram, paying attention to the...
What happens to the price and the quantity bought and sold in the cocoa market if countries producing cocoa experience a drought and a new study is released demonstrating the health benefits of...
Give two purposes or unique characteristics of each of the following: constitutions, statutes, cases, and administrative law.
Materials Purchased $350,000Materials Issued into Production $280,000Direct Labor Cost $208,000Manufacturing Overhead Cost $312,000g) Calculate cost of goods manufactured. h) Calculate the ending...
Mr. Bonkers , a shareholder of ABC company sold a piece of property that he purchased in 1990 for $200,000 to Corp X. for $500,000. Just before the sale of the property, MR X had the property...
8 Sela Smith, CPA, is auditing a nonissuer client. Smith knows that to assess the risk of material misstatement, she must understand the client's internal controls. However, after considering the...
Ng Company had 28 million shares of $1 par common stock outstanding on January 1, 2024. In October 2024, Ng Company's Board of Directors declared and distributed a 1% common stock dividend when the...
From the information below, get a cash budget for ABC Company for April, May, and June 2024 in a columnar form. Month Sales Purchases Wages Exp. Jan. (actual) 80,000 45,000 20,000 5,000 Feb. (actual)...
Whole Foods Markets Compensation Committee determines a portion of executive bonuses qualitatively. For the quantitative portion, the Committee selects from 13 performance metrics. For the fiscal...
Select the correct answer for each of the following questions. 1. On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its...
For each of the following accounts, identify whether it would be closed at year-end (yes or no) and on which financial statement the account would be reported (Balance Sheet, Income Statement, or...
The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Advertising expense Dividends Rent expense Salaries expense Service revenue...
The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: Accounts...
What is IT Hybrid? And Explain the reasons why companies need to adopt hybrid IT technology.
Discuss how trademarks have affected e-commerce.
How do blockchains work? What is the purpose of a hash?

The equation for a supply curve is 4P = Q. What is the elasticity of supply as

Question:

Step by Step Answer:

To calculate the elasticity of supply you can use the following formula Elasticity of Supply ES change in quantity supplied change in price For the su...View the full answer

Principles Of Economics

Students also viewed these Business questions