Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $5.50, and the equilibrium quantity is 39.0. When the price is $12.75, the quantity supplied of motorcycles is 63.0 and the quantity supplied of pancakes is 101.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places. 0.75 Supply in the market for motorcycles is more elastic than supply in the market for pancakes. There is not enough information to tell which has a higher elasticity, less elastic than supply in the market for pancakes. the same elasticity as supply in the market for pancakes.

Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $5.50, and the equilibrium quantity is 39.0. When the price is $12.75, the quantity supplied of motorcycles is 63.0 and the quantity supplied of pancakes is 101.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places. 0.75 Supply in the market for motorcycles is more elastic than supply in the market for pancakes. There is not enough information to tell which has a higher elasticity, less elastic than supply in the market for pancakes. the same elasticity as supply in the market for pancakes.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

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Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the
same, the equilibrium price is $5.50, and the equilibrium quantity is 39.0. When the price is $12.75, the quantity supplied of
motorcycles is 63.0 and the quantity supplied of pancakes is 101.0. For simplicity of analysis, the demand for both goods is the
same.
Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.
0.75
Supply in the market for motorcycles is
more elastic than supply in the market for pancakes.
There is not enough information to tell which has a higher elasticity,
less elastic than supply in the market for pancakes.
the same elasticity as supply in the market for pancakes.

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