If the demand for a good is perfectly elastic and its price is $20, how much would

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

Question:

If the demand for a good is perfectly elastic and its price is $20, how much would its price be if its supply doubled? (Hint: Draw a graph.)?"

Related Book For answer-question

Microeconomics

ISBN: 978-0073375854

2nd edition

Authors: Douglas Bernheim, Michael Whinston

See More Books

Posted Date: Mar 14, 2022 07:02 AM

See More Questions

If the demand for a product is perfectly price inelastic, what does the corresponding price consumption curve look like? Draw a graph to show the price consumption curve.
How much would have to be paid on an invoice for $328 with terms of 2/10 ROG if the merchandise invoice is dated January 3, the merchandise arrives January 8, and the invoice is paid (a) January 11;...
Suppose that the demand for a good is given by the inverse demand function: p =0 - 3q. a. Plot the demand curve on a graph. b. Compute the price at which 2 units of the good will be demanded. c....
Unlike affirmative action, diversity _ _ _ _ _ . a . can exist even if organizations do not take purposeful steps to create it b . is required by law for private employers with 5 0 or more employees...
For the regression you performed in problem 11-39, produce and interpret the Durbin-Watson statistic. Profit (S billion) Revenue (S billion) Employees (thousands) 96 68 70 39 38 32 17 -0.2 0.2 0.03...
On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Bill Hudson transferred cash from a personal bank account to an account to...
With reference to Exercise 3.25, suppose that three of the spark plugs are defective. In how many ways can 4 spark plugs be selected so that (a) one of the defective plugs is selected; (b) two of the...
Mr. Brooks is employed as a financial analyst by a large Canadian public firm located in Winnipeg. During 2018, his basic gross salary amounts to $63,000. In addition, he was awarded an $11,000 bonus...
For this assignment, assume that you were discussing what you learned in this module with a friend, and they were so impressed with your knowledge that they asked you to help to evaluate their...
Cinder and PQ are associated [ITA 256(1)(a)] and connected [ITA 186(4)] for tax purposes. Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a...
Hosne's Production Possibilities Frontier At 10 9- 8 7 wallets 1 2 4 5 8 9 10 parses Merve's Production Possibilities 10 wallets 9 123 Refer to Figure 3-16. Hosne's opportunity cost of one purse is...
The 80/20 principle in fashion means that: Group of answer choices 80% of your sales will be the most important product the smallest portion of product styles will lead to the largest portion of...
DomCo, a domestic corporation, is a wholly-owned subsidiary of its Japanese parent corporation, ASIAco, which manufactures lightbulbs. During the current year, DomCo pays $100 million for 100 million...
1. What would I find on a job-cost sheet; please give examples? 2. In your own words explain to your classmates what Job Costing is. 3. Explain a job-order costing system and give examples? 4. What...
One way to align management's interest with that of shareholders' is: Multiple Choice giving profit-based bonus. allowing management to focus on firms' annual performance. granting stock options to...
The risks in admissions are that some guests may gain admission without payment, and some admission fees may be misappropriated. One way to mitigate these risks is to have two volunteers at the...
Provide an expression to call the findSqr() function using 10 as the parameter value what is the difference between the capture phase and the bubbling phase for an event occurring within a website?...
Create a data model for one of the processes in the end-of-chapter Exercises for Chapter 4. Explain how you would balance the data model and process model.
Two farms are located next to each other. During storms, sewage from Farm 1 flows into a stream located on Farm 2. Farm 2 relies on this stream as a source of drinking water for its livestock, and...
Consider an economy that uses labor and capital to produce two goods, beer (x) and peanuts (y), subject to technologies that exhibit constant returns to scale. The marginal cost of a 12-ounce can of...
For a given quantity of output, under what conditions would the short-run quantity demanded for a variable input (such as labor) equal the quantity demanded in the long run?
How can we effectively analyze a firm's financial ratios?
In 2019, Italia Mining Corporation had sales of $$69$ million, total assets of $$45$ million, and total liabilities of $$23$ million. The interest rate on the debt is 6.5 percent, and its tax...
Tsingtao Companys balance sheet shows a stockholders equity book value (total common equity) of $$800,500.$ The firms earnings per share were $$3.50,$ resulting in a price/earnings ratio of...

If the demand for a good is perfectly elastic and its price is $20, how much would

Question:

Expert Answer:

The initial price of the good is S20 The demand is perf... View the full answer

Microeconomics

Students also viewed these economics questions