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
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 3PA: Suppose the price elasticity of demand for heating oil is 02. in the short run and 0.7 in the long...
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