. Between January 1999 and January 2000, the cost of long grain rice produced in the United States dropped by 40%. U.S. long grain rice farmers planted 17% less acres in 2000 as a result of the price decline. if the harvest is likewise reduced by 17%. 2a. Using the words elastic, inelastic, or unit elastic, explain the availability of long grain rice in the United States. 2b. What is the price elasticity of supply for long grain rice produced in the United States? 2c. Do you believe the supply elasticity will alter over the upcoming years if the price of long grain rice stays the same?
. Between January 1999 and January 2000, the cost of long grain rice produced in the United States dropped by 40%. U.S. long grain rice farmers planted 17% less acres in 2000 as a result of the price decline. if the harvest is likewise reduced by 17%. 2a. Using the words elastic, inelastic, or unit elastic, explain the availability of long grain rice in the United States. 2b. What is the price elasticity of supply for long grain rice produced in the United States? 2c. Do you believe the supply elasticity will alter over the upcoming years if the price of long grain rice stays the same?
Chapter1: Making Economics Decisions
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2. Between January 1999 and January 2000, the cost of long grain rice produced in the United States dropped by 40%. U.S. long grain rice farmers planted 17% less acres in 2000 as a result of the
2a. Using the words elastic, inelastic, or unit elastic, explain the availability of long grain rice in the United States.
2b. What is the price elasticity of supply for long grain rice produced in the United States?
2c. Do you believe the supply elasticity will alter over the upcoming years if the price of long grain rice stays the same?
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