4. Which of the following statements is (are) correct? (x) When quantity supplied responds very little to changes in price, supply is said to be inelastic. (y) If the quantity supplied changes substantially when the price of the good changes a small amount, then the coefficient of price elasticity of supply is a number larger than one and supply is elastic. (z) Holding all else constant, if a paper manufacturer increases production by 12 percent when the market price of paper increases by 15 percent, then the price elasticity of supply must be inelastic since the coefficient of price elasticity of supply is equal to 0.80. A. (x), (y) and (z) С. (x) and (y) only (y) and (z) only В. (x) and (z) only E. D. (x) only

4. Which of the following statements is (are) correct? (x) When quantity supplied responds very little to changes in price, supply is said to be inelastic. (y) If the quantity supplied changes substantially when the price of the good changes a small amount, then the coefficient of price elasticity of supply is a number larger than one and supply is elastic. (z) Holding all else constant, if a paper manufacturer increases production by 12 percent when the market price of paper increases by 15 percent, then the price elasticity of supply must be inelastic since the coefficient of price elasticity of supply is equal to 0.80. A. (x), (y) and (z) С. (x) and (y) only (y) and (z) only В. (x) and (z) only E. D. (x) only

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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b
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I mostly need help with the total revenue calcualtions at the bottom of the screenshot. If you could also briefly go over the fill in the blank questions too that would be great. I want to understand how those answers are used in the calculation of the total revenue values. Thanks!