Which example(s) best represent(s) perfectly inelastic supply? Select all that apply. a restaurant willing to cater any number of dishes if the price is greater than $10 a plate a good with no substitutes in consumption Farmer Nate raises goats. When he can sell his goats for $200/goat he will sell any or all of his goats. He never asks for more than $200/goat and he never sells his goats for less than $200/goat. Captain Eddy takes his 25-seat party boat out for a harbor cruise every night, rain or shine. Whether he gets $70 per seat or $0 per seat, he always fills every seat. original paintings made by Leonardo Da Vinci

Perfectly inelastic supply means that the supply will not change when the price changes. Elasticity…

Answered: Which example(s) best represent(s)…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which example(s) best represent(s) perfectly inelastic supply? Select all that apply.

		a restaurant willing to cater any number of dishes if the price is greater than $10 a plate
		a good with no substitutes in consumption
		Farmer Nate raises goats. When he can sell his goats for $200/goat he will sell any or all of his goats. He never asks for more than $200/goat and he never sells his goats for less than $200/goat.
		Captain Eddy takes his 25-seat party boat out for a harbor cruise every night, rain or shine. Whether he gets $70 per seat or $0 per seat, he always fills every seat.
		original paintings made by Leonardo Da Vinci

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