7. The following table gives the supply schedule for Zema Co, a UK based coffee producer. Price (£) 4 16 8 10 12 Quantity Supplied (Qs) 60 110 190 300 500 Table 2. A Table showing the supply schedule for Zema Co. a. Currently, a bag of coffee costs £10. After the price falls from £10 to £8, the number of weekly production falls from 300 to 190. Calculate the price elasticity of supply (show all your calculations). b. According to your calculation, is supply elastic, unit-elastic, or inelastic? Explain why. C. Based on your calculation, the table and your analysis, draw a well-labelled supply curve for Zema Co.

7. The following table gives the supply schedule for Zema Co, a UK based coffee producer. Price (£) 4 16 8 10 12 Quantity Supplied (Qs) 60 110 190 300 500 Table 2. A Table showing the supply schedule for Zema Co. a. Currently, a bag of coffee costs £10. After the price falls from £10 to £8, the number of weekly production falls from 300 to 190. Calculate the price elasticity of supply (show all your calculations). b. According to your calculation, is supply elastic, unit-elastic, or inelastic? Explain why. C. Based on your calculation, the table and your analysis, draw a well-labelled supply curve for Zema Co.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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