Suppose that the ingredients required to bring a slice of pizza to market and their respective costs are as listed in the table: Ingredients Paper plate Flour Tomato sauce Cheese Labor (3 minutes @ $12/hour) Cost 2 cents 8 cents. 20 cents 30 cents 60 cents If these proportions remain the same no matter how many slices are made, and the inputs can be purchased in any quantities at the stated prices, then the supply of slices is (Click to select) ], and the price elasticity of supply is [(Click to select)

Suppose that the ingredients required to bring a slice of pizza to market and their respective costs are as listed in the table: Ingredients Paper plate Flour Tomato sauce Cheese Labor (3 minutes @ $12/hour) Cost 2 cents 8 cents. 20 cents 30 cents 60 cents If these proportions remain the same no matter how many slices are made, and the inputs can be purchased in any quantities at the stated prices, then the supply of slices is (Click to select) ], and the price elasticity of supply is [(Click to select)

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

Problem 04-11
Suppose that the ingredients required to bring a slice of pizza to market and their respective costs are as listed in the table:
Ingredients
Paper plate
Flour
Tomato sauce
Cheese
Labor (3 minutes @ $12/hour)
Cost
2 cents
8 cents
20 cents
30 cents
60 cents
If these proportions remain the same no matter how many slices are made, and the inputs can be purchased in any quantities at the
stated prices, then the supply of slices is (Click to select), and the price elasticity of supply is (Click to select)

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