Suppose that a farmer has the following quantity supply for palay, mongo and kamote: Price Quantity Supplied Quantity Supplied Quantity Supplied (palay) (mongo) (kamote) P5.00 10,000 kilos P6.00 18,000 kilos 10,000 kilos 11,000 kilos 10,000 kilos rsity of the P AY 12,000 kilos DE a. Solve for the price elasticity of supply of the palay. Determine whether supply is price elastic, price inelastic or unit elastic. b. Solve for the price elasticity of supply of the mongo. Determine whether supply is price elastic, price inelastic or unit elastic. c. Solve for the price elasticity of supply of the kamote. Determine whether supply is price elastic, price inelastic or unit elastic.

Suppose that a farmer has the following quantity supply for palay, mongo and kamote: Price Quantity Supplied Quantity Supplied Quantity Supplied (palay) (mongo) (kamote) P5.00 10,000 kilos P6.00 18,000 kilos 10,000 kilos 11,000 kilos 10,000 kilos rsity of the P AY 12,000 kilos DE a. Solve for the price elasticity of supply of the palay. Determine whether supply is price elastic, price inelastic or unit elastic. b. Solve for the price elasticity of supply of the mongo. Determine whether supply is price elastic, price inelastic or unit elastic. c. Solve for the price elasticity of supply of the kamote. Determine whether supply is price elastic, price inelastic or unit elastic.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Refer to Figure 3-3. At a price of P₁ there would be excess demand equal to 14

A: The government controls the price of goods in the market by price floor. It is the minimum price for…

Q: Consider the market for cellophane tape where the demand is described by the equation Q = 70-10P and…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve. The…

Q: PRICE (Dollars per unit) 350 225 175 50 Region Between X and Y Between W and X For each of the…

A: Price elasticity of demand shows the percentage change in quantity demanded due to a percentage…

Q: Price (dollars per bucket) 16 15 14 13 12 10 200 300 400 500 600 700 800 Quantity (buckets) The…

A: Answer: According to the above figure, due to tax the supply curve shifts to the left from S0 to…

Q: Consider the perfectly competitive spice market. At the equilibrium price, the elasticity of market…

A: Percentage change is used in finance for various purposes, including indicating the percentage…

Q: Price (per pound) S1 Multiple Choice S₂ 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of…

A: Shift in supply curve refers to the change in the quantity of a product that producers are able to…

Q: The supply of Pespi is given by the following equation: Q p S = −24 + 6Pp + Pc + 2Pw where Q p S is…

A: It is given that QPS = -24 + 6PP + PC + 2PW Here, Coke is a substitute good and water is the input…

Q: Consider that the market for modified electronic cigarettes, mod e-cigs, is described by the…

A: The demand equation is given as The supply equation is given as The tax implemented is $4.8.

Q: 1 and 2 examine the market for Rmags. The demand for Rmags is given by Q = 12,500–500OP and the…

A: A market is in equilibrium if at the market price the quantity demanded is equal to the quantity…

Q: Using your answer to (b), determine how the equilibrium price and quantity of pork changes for a…

A: Equilibrium Price is the price at which the quantity of goods producers are willng to produce and…

Q: If the local pizzeria raises the price of a medium pizza from $6 to $10 and quantity demanded falls…

A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Q: Online the timing and tailoring of prices to specific products is the key to successful pricing in…

A: Elastic demand is the state in which demand adjusts in response to a small change in price. Price…

Q: A rightward shift of the supply curve for oil in the United States is most likely to result from? a)…

A: Demand refers to the factors which are determined by the consumption side of the market . Demand…

Q: PRICE (Dollars per unit) Z 350 + 225 175-L 50 0 Region Between Y and Z Between W and X Between X and…

A: Elasticity of demand is the percentage change in quantity demanded due to percentage change in…

Q: 10. What would be the impact of a price ceiling of $8 a new equilibrium quantity would be…

A: Price Ceiling refers to the maximum price that a seller can legally charge for a particular…

Q: Price (dollars per bucket) 16 15 14 13 12 10 D 200 300 400 500 600 700 800 Quantity (buckets) The…

A: In the above diagram, we can see that a new leisure time tax on suppliers leads to a fall in the…

Q: Figure and Table: The Market for Taxi Rides Reference: Ref 7-2 (Figure and Table: The Market for…

A: Tax may be described as the charges that the government authoritycollect from the earnings or profit…

Q: Use the table to answer the question. Price Quantity Demanded $25 $30 $35 $40 $45 (units) 450 420…

A: Quantity demanded is negatively related to price. Quantity supplied is positively related to price.…

Q: A new worker safety regulation will increase the marginal cost of extracting crude o from the…

A: Executing wellbeing and security in the working environment helps to evaluate possible dangers and…

Q: The following production possibilities schedule shows the quantities of soybeans and oil that can be…

A: The pattern of trade is determined by comparative advantage of production. If Mexico gains from…

Q: 4. Given the following demand and supply curves, obtain the market-clearing price and graph the…

A: Market dynamics are economic events that upset the supply-demand balance, causing price and quantity…

Q: (a) State on thing that would cause market supply to increase (cause the supply curve to shift to…

A: The law of supply states that there is a direct relationship between price and quantity supplied.…

Question

B. SUPPLY
Suppose that a farmer has the following quantity supply for palay, mongo and kamote:
Price Quantity Supplied
Quantity Supplied
Quantity Supplied
(palay)
(mongo)
(kamote)
P5.00 10,000 kilos
P6.00 18,000 kilos
10,000 kilos
11,000 kilos
10,000 kilos
12,000 kilos
a. Solve for the price elasticity of supply of the palay. Determine whether supply is price
elastic, price inelastic or unit elastic.
AYA
rsity of the P Petern
b. Solve t the price elasticity of supply of the mongo. Determine whether supply is price
elastic, price inelastic or unit elastic.
c. Solve for the price elasticity of supply of the kamote. Determine whether supply is
price elastic, price inelastic or unit elastic.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

What is the total surplus : Price 110 - Supply 100 a) 800 b) 1000 c) 1500 d) 2000 e) 2500 f) 3500 g) 5000 90 80 70 60- Demand 50 45 40 + 30 20 10 ++++++ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Duantity
Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…
Q4) Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3QD Ps = 5 + 20s The demand price elasticities is inelastic. From the firms' perspective, the revenue would be higher if price increases. Let's assume that the market is currently not at the equilibrium with the market price being higher by 2 units than the equilibrium price. 1. Find the market quantity 2. Find the new Consumer Surplus 3. Find the new Producer Surplus
16) The market for two-bedroom apartments in a city has the onowing supply and acmand schedules: Price 200 400 600 800 1000 1200 1400 1600 1800 QD (thousands) 360 315 270 225 180 135 90 45 0 Qs (thousands) 0 45 90 135 180 225 270 315 360 2000 1800 1600 1400 1200 1000 800 600 400 200 0 O 30 60 90 120 150 180 210 240 270 300 330 360 Ca a. Graph demand and supply. b. What is the equilibrium price and quantity? PE = 460 270000 QE = Calculate Consumer Surplus, Producer Surplus, and Total Surplus. Illustrate CS & PS on the grid above. 036