Calculate the price elasticity of supply in the following examples, then determine if supply is relatively...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Calculate the price elasticity of supply in the following examples, then determine if supply is relatively elastic or inelastic, or perfectly elastic or inelastic. When the price of a pen increased from $3.00 to $4.00, the quantity supplied by a firm increased from 100 to 150 pens. The price elasticity of supply is (Round your response to two decimal places.) In this case, the price elasticity of supply is When the price of bottled water increased from $3.00 to $4.00, the quantity supplied by a firm increased from 300 to 320 bottles. The price elasticity of supply is (Round your response to two decimal places.) In this case, the price elasticity of supply is Even though the price of an acre of land increased from $6.000 to $10,000, the quantity supplied did not change. The price elasticity of supply is. (Round your response to two decimal places.) In this case, the price elasticity of supply is relatively elastic relatively inelastic perfectly inelastic perfectly elastic Calculate the price elasticity of supply in the following examples, then determine if supply is relatively elastic or inelastic, or perfectly elastic or inelastic. When the price of a pen increased from $3.00 to $4.00, the quantity supplied by a firm increased from 100 to 150 pens. The price elasticity of supply is (Round your response to two decimal places.) In this case, the price elasticity of supply is When the price of bottled water increased from $3.00 to $4.00, the quantity supplied by a firm increased from 300 to 320 bottles. The price elasticity of supply is (Round your response to two decimal places.) In this case, the price elasticity of supply is Even though the price of an acre of land increased from $6.000 to $10,000, the quantity supplied did not change. The price elasticity of supply is. (Round your response to two decimal places.) In this case, the price elasticity of supply is relatively elastic relatively inelastic perfectly inelastic perfectly elastic
Expert Answer:
Answer rating: 100% (QA)
Answer Price Elasticity Q2 Q1 P1P2 P2 P1 Q1Q2 When the price of a pen increased from 250 to 300 th... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following scenarios describe the price elasticity of supply and demand for a particular good. In which scenario will a subsidy increase consumption the most? Choose only one. a. Elastic demand,...
-
The following scenarios describe the price elasticity of supply and demand for a particular good. All else equal (equilibrium price, equilibrium quantity, and size of the tax), in which scenario will...
-
Calculate the price elasticity of demand (in absolute value) at points A, B, C, D, and E 100 2 26 50 75 Quantity 100
-
In 2010 Casey made a taxable gift of $7.3 million to both Stephanie and Linda (a total of $14.6 million in taxable gifts). Required: Calculate the amount of gift tax due this year and Caseys unused...
-
John Calc Gosling is one of Canadas foremost real estate investment analysts. He works for the firm of Bouchard Wiener Securities Inc. (BWS). His job is to do research and make recommendations on the...
-
What is downsizing? How is it different from outsourcing?
-
JetBlue is a major U.S. airline that ranked seventh in the U.S. in 2021 based on number of passengers carried. JetBlue has 270 aircraft and services 104 destinations. Consider three decisions below...
-
On December 31, 2011, Debenham Corporation sold for $15,000 an old machine having an original cost of $84,000 and a book value of $9,000. The terms of the sale were as follows: $3,000 down payment,...
-
A shipping company owns two types of trucks, type A and type B. Each type A truck has 20m3 of refrigerated space and 30m3 of unrefrigerated space, while each type B truck has 20m3 of cooled space and...
-
Lorenzo is a skilled toy maker who is able to produce both trucks and kites. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible...
-
Duddy Kravitz owns the Saint Viateur Bagel store. His world famous bagels are hand rolled, boiled and then baked in a wood - burning oven. Uncle Benjy thinks that the wood oven should be replaced by...
-
The following are three KPIs for the retail sector: capital expenditure, expected return on new stores and customer satisfaction. Discuss two further KPIs that might be significant.
-
The law of comparative advantage states that total output is greatest when each product is made by the country that has the _____.
-
Under perfect price discrimination _________. a) consumer surplus is zero b) consumer surplus is maximized c) consumer surplus is a constant no matter what price is charged d) consumer surplus rises...
-
Price discrimination _______. a) often works to the advantage of the poor b) generally helps rich customers c) is very hard to find in the United States d) is illegal in the United States.
-
Which statement is the most accurate? a) Americans are very willing to buy domestically produced goods, even if they are more expensive than imported goods. b) We import more foreign goods than we...
-
You will be using a SQL script for Oracle or PostGres that will build a database model and populate the database with data. You will be querying the data to show your expertise at joining tables....
-
What are current assets and current liabilities? How are they different from non-current assets and non-current liabilities?
-
If rent control creates deadweight loss for both consumers and suppliers of housing, why are consumers often in favor of this policy?
-
Table 7P-3 shows the total utility that John gets from ice cream, for each quantity he consumes. Fill in the third column showing the marginal utility he gets from each additional scoop. Quantity of...
-
Suppose the market for bottled water and the market for soft drinks both have large numbers of buyers and sellers. Which of these markets is likely to be more competitive?
-
What is meant by lower of cost and net realizable value? What difficulties exist in the application of this measurement basis?
-
In essence, a liability is a future obligation to pay out money, arising from a past event. A. True. B. False.
-
Under IAS 37, a provision is a liability of uncertain timing or amount. A. True. B. False.
Study smarter with the SolutionInn App