Microeconomics
2nd Edition
ISBN: 9781259813337
Author: KARLAN, Dean S., Morduch, Jonathan
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 25PA
To determine
The estimated market for trips and the surplus that could be generated by filling in the missing market.
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Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $6.50$6.50, and the equilibrium quantity is 39.039.0. When the price is $9.75$9.75, the quantity supplied of coffee is 71.071.0 and the quantity supplied of hot cocoa is 105.0105.0. For simplicity of analysis, the demand for both goods is the same.
Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimal places.
Supply in the market for coffee is
more elastic than supply in the market for hot cocoa.
There is not enough information to tell which has a higher elasticity.
the same elasticity as supply in the market for hot cocoa.
less elastic than supply in the market for hot cocoa.
Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $5.50, and the equilibrium quantity is 37.0. When the price is $8.75, the quantity supplied of coffee is 69.0 and the quantity supplied of hot cocoa is 101.0101.0. For simplicity of analysis, the demand for both goods is the same.
Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimal places.
Over the past few year's consumer tastes and
the number of buyers in the market for a
game called 'pickle ball' have increased
dramatically. Thus, the demand for tickets to
pickle ball events has increased. Before this
all started the equilibrium price of a ticket to a
pickle ball event was negative. This means
that:
A few years ago, there would have been a
surplus of tickets even at a price of zero, now
the invisible hand has pushed prices to
greater than zero.
A) A few years ago, the quantity of tickets
demanded was less than quantity supplied.
B) Pickle ball event tickets resembled the
market for recyclable cardboard a few years
ago
C) Greater demand for pickle ball tournament
tickets will lead to a greater demand - and
higher pay - for professional pickle ball
players.
D) All of the above.
E) B and D only
Chapter 5 Solutions
Microeconomics
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Prob. 4RQCh. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - Prob. 8RQCh. 5 - Prob. 9RQCh. 5 - Prob. 10RQ
Ch. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 5PACh. 5 - Prob. 6PACh. 5 - Prob. 7PACh. 5 - Prob. 8PACh. 5 - Prob. 10PACh. 5 - Prob. 11PACh. 5 - Prob. 12PACh. 5 - Prob. 13PACh. 5 - Prob. 14PACh. 5 - Prob. 15PACh. 5 - Prob. 16PACh. 5 - Prob. 17PACh. 5 - Prob. 18PACh. 5 - Prob. 19PACh. 5 - Prob. 20PACh. 5 - Prob. 21PACh. 5 - Prob. 22PACh. 5 - Prob. 23PACh. 5 - Prob. 24PACh. 5 - Prob. 25PA
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