The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price .

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Please solve this, no words or explanations.

17. Given that C=$700+0.8Y, I=$300, G=$600, what is Y if Y=C+I+G?

Answer 2

Question

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Answer 6

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Answer 7

Chapter 22, Problem 1DQ

To determine

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Answer 8

Expert Solution & Answer

Explanation of Solution

Due to the inelastic nature of the demand for the agricultural products, the shift in the supply curve of the agricultural products leads to a large change in the equilibrium prices with a small change in the equilibrium quantity. In addition, a large change in the equilibrium prices results in a small effect on the equilibrium quantity of the agricultural products.

Gen Combo Microeconomics; Connect Access Card, Chapter 22, Problem 1DQ

In Figure 1, the demand curve is relatively inelastic as compared to the supply curve. The new equilibrium (E2) shows that there has been a small change in the quantity of the demand with the drastic change in the price.

The volatile nature of the exports increases the instability of the demand for the agricultural products. The exports change from year to year; so, there is an increase in the instability for the demand of the agricultural products.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept Introduction

Supply and demand of the agricultural products: The demand for the agricultural products is inelastic in nature because a large change in the prices has a very small impact on the demand for the agricultural products. The supply of the agricultural products is elastic in nature.

Answer 12

Ch. 22 - Prob. 1DQ Ch. 22 - Prob. 2DQ Ch. 22 - Prob. 3DQ Ch. 22 - Prob. 4DQ Ch. 22 - Prob. 5DQ Ch. 22 - Prob. 6DQ Ch. 22 - Prob. 7DQ Ch. 22 - Prob. 8DQ Ch. 22 - Prob. 9DQ Ch. 22 - Prob. 10DQ

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price .

The impact of the elasticity on the demand and supply of the agricultural products and on its quantity and price.

Explanation of Solution

Want to see more full solutions like this?

Chapter 22 Solutions