10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pistachios. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pistachios. (Note: Place the points of the line either on N and K or on N and H.) PRICE (Dollars per pound) 48 908 40 0 8 0 0 O 4 N H D Long-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of pistachios) 12 10 Short-Run Supply (?)

10. Price elasticity of supply in the short run and long run The following graph shows the long-run supply curve for pistachios. Place the orange line (square symbol) on the following graph to show the most likely short-run supply curve for pistachios. (Note: Place the points of the line either on N and K or on N and H.) PRICE (Dollars per pound) 48 908 40 0 8 0 0 O 4 N H D Long-Run Supply 2 6 8 10 QUANTITY (Thousands of pounds of pistachios) 12 10 Short-Run Supply (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. a. if the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations.) b. Why might this elasticity depend on the time horizon?
13. The table below gives part of the supply schedule for personal computers in the United States. Price Quantity Supplied before tech change Quantity Supplied after tech $1,100 $900 12,000 8,000 change 13,000 9,000 a) Calculate the price elasticity of supply when price rises from $900 to $1,100 using the arc elasticity formula (the midpoint method). b) Now suppose that technology changes such that at every price, 1000 more computers are supplied. Now, as prices rise from $900 to $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.
28. Suppose that Brock raises its tuition by 30% to pay for higher professor salaries2 An economics professor asks his students, "Due to the tuition increase, how many of you will transfer to another universiy or drop out?" One student out of every 2 says that he or she would transfer or drop out. Based on this information, the price elasticity of demand for education at this university is: (A) 1. (B) Elastic. (C) Inelastic. (D) Zero. 29. The government gives producers a tax of $200 per unit. This increases the price for consumers, from the equilibrium price of $1,300 to Pc=$1,350. What is the price for producers under the tax? (A) $1,550. (B) $1,150. (C) $1,050. (D) $1,450.
. Suppose that Brock raises its tuition by 30% to pay for higher professor salaries.2 An economics professor asks his students, “Due to the tuition increase, how many of you will transfer to another universiy or drop out?” One student out of every 2 says that he or she would transfer or drop out. Based on this information, the price elasticity of demand for education at this university is: (A) 1. (B) Elastic. (C) Inelastic. (D) Zero.
Price (dollars per dozen) 30 50 Quantity supplied (dozens per day) 8 12 The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is O 0.80. O 0.20 O 1.25. O 5.00.
Please only Typing answer I need ASAP
demand characterizes the demand for goods and services produced by individual companies in an demand characterizes the demand for goods and services produced by all firms in industry; while that industry. O Increasing; decreasing Price elastic; price inelastic Price sensitive; price insensitive Price inelastic; price elastic O Price insensitive; price sensitive.
Price (Dollars) 12 10 8 2 0 0 O 0.5 01 O 1.25 02 5 offer 4,10 8,8 10 ma Assessments Torro. Demand for Product Z 16,6 20 15 Quantity (Pounds) 25 What is the price elasticity of demand when price increases from $8 to $10? O 0.4 24,4 ✓ Gradebook 30 30,2 35 Email 25 Tools -
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13) . Consider the following supply schedule for shoes. Price Quantity Supplied $5 425 $10 445 $15 465 $20 485 $25 505 $30 525 $35 545 $40 565 Suppose that the price of shoes increases from $25 to $30. Using the mid-point approach, calculate price elasticity of supply.
1. Jeff Jones at Ice ‘n Carry ('InC') Coolers reduced the price of InC coolers by $10 from the usual $40. Weekly sales increased from 10 to 20 InC Coolers per week. a. What is the arc price elasticity of demand? b. Jeff is considering a further price reduction. What would be the effect of the reduction on revenues? How about profits? Revenues: Profits: Increase/ Decrease / Can't tell Increase/ Decrease / Can't tell
5) Calculate the arc price elasticity of demand for wheat in the two situations below: Farmer Brown's Wheat Old price; $3.40/bu Old quantity; 28,000 bu The Wheat Market Old price; $3.40/bu Old quantity; 2.5 billion bu New price; $3.20/bu New price; $3.20/bu New quantity; 2.525 billion bu New quantity; 35,000 bu Can you account for the difference in elasticities?