5. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for apricots. Place the orange line (square symbol) on the graph to show the most likely long-run supply curve for apricots. (Note: Place the points of the line either on E and D or on E and C.) PRICE (Dollars per pound) 12 10 0 E Do O Short-Run Supply 2 8 10 QUANTITY (Thousands of pounds of apricots) 6 12 Long-Run Supply

5. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for apricots. Place the orange line (square symbol) on the graph to show the most likely long-run supply curve for apricots. (Note: Place the points of the line either on E and D or on E and C.) PRICE (Dollars per pound) 12 10 0 E Do O Short-Run Supply 2 8 10 QUANTITY (Thousands of pounds of apricots) 6 12 Long-Run Supply

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question

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

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