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 Y and V or on Y and S.) PRICE (Dollars per pound) 48 40 16 0 0 2 4 6 Y Long-Run Supply 8 V 10 12 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 Y and V or on Y and S.) PRICE (Dollars per pound) 48 40 16 0 0 2 4 6 Y Long-Run Supply 8 V 10 12 Short-Run Supply ?

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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 Y and V or on Y and S.)
PRICE (Dollars per pound)
48
40
8
0
0
Y
4
O
S
V
Long-Run Supply
2
6
8
10
QUANTITY (Thousands of pounds of pistachios)
12
Short-Run Supply
(?)

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