Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance. Suppose that at a price of $2, 300 apples are sold per day. The elasticity of supply is 1 when theprice increases from $2 to $4 in the short run and the elasticity of supply is 1.5 when the priceincreases from $2 to$4 in the long run. (Use midpoint elasticity formula).How much seller will sell the apples if the price increases from $2 to $4 in the long run?a. 900b. 1500c. 600d. 0 Suppose that there is a seller who sells to two different groups of people. He sells the goods at$60 and $45 to group 1 and group 2 respectively. The marginal cost of producing the goods is$30.Determine the price elasticity of demand of group 1 and group 2.a. Group 1: -2 and Group 2: -3b. Group 1: -3 and Group 2: -2c. Group 1: -1 and Group 2: -4d. Group 1: -2 and Group 2: -1

Price elasticity mid point formula is given as Demand elasticity for monopoly is given as

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Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

Suppose that at a price of $2, 300 apples are sold per day. The elasticity of supply is 1 when the
price increases from $2 to $4 in the short run and the elasticity of supply is 1.5 when the price
increases from $2 to$4 in the long run. (Use midpoint elasticity formula).
How much seller will sell the apples if the price increases from $2 to $4 in the long run?
a. 900
b. 1500
c. 600
d. 0

Suppose that there is a seller who sells to two different groups of people. He sells the goods at
$60 and $45 to group 1 and group 2 respectively. The marginal cost of producing the goods is
$30.
Determine the price elasticity of demand of group 1 and group 2.
a. Group 1: -2 and Group 2: -3
b. Group 1: -3 and Group 2: -2
c. Group 1: -1 and Group 2: -4
d. Group 1: -2 and Group 2: -1

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