A farmer produced 8400 tons of grapes and each ton sales for $200. Grapes are found to be a perfect cure for Corona Virus. As a result, the price of grapes went from $200 per ton to $10,000 per ton. How many tons will the farmer sale? Using your knowledge of price elasticity of supply, draw a graph illustrating this sale. What will happen in the market for grapes in one year if the price hold steady at $10, 000. Draw a graph showing this.

Q: Give the meaning and explain briefly in your own words: 1. Elastic Demand  2. Inelastic Demand

A: Answer to the question is as under:

Q: The following table shows the market demand and supply information ( in tons) at different prices…

A: a)Elasticity of demand=(change in quantity/average quantity)/(change in price/average price)Change…

Q: The chief executive of the cafe chain Sweetwaters Coffee & Tea, said that because buying a cup of…

A: The elasticity of demand refers to a change in the quantity demanded due to a change in its price.…

Q: You are a manager of a retail store and you are facing a lot of challenges to know if you should…

A: The price elasticity of demand refers to the change in the quantity demanded due to the change in…

Q: What is price elasticity of demand? Explain all its dimensions by giving suitable examples and…

A: Price elasticity of demand is the static concept which does not include any time element in it. The…

Q: An economist doing an analysis on the market for original paintings finds that a 7% increase in…

A: Price elasticity of supply:Price elasticity of supply can be calculated as follows:

Q: Suppose a movie theatre raises the price of popcorn 10 percent, but customers do not buy any less…

A: Price elasticity of demand is a measure of the degree of responsiveness of demand to changes that…

Q: In the last six months, the price of fuel for cars has increased very substantially in many…

A: Price elasticity of demand refers to the percentage change in the quantity of the good demanded with…

Q: You have been hired by the government of Kenya,which produces a lot of coffee, to examine the supply…

A: Price elastiticity of supply (PES) is the ration between the % change in quantity supplied and %…

Q: Suppose the price elasticity of kerosene is 0.2 in the short run and 0.7 in the long run. If the…

A: If price of kerosene rises,quantity of heating oil would decrease.Because both are complements.

Q: The Screamin' Jay Hawkins Co. has decided to lower the price of their Nimbus 2001 from $3,900 to…

A: Demand is the total quantity of products and services for which the consumers are ready to pay…

Q: Supply elasticity form an important part in every walks of life. Discuss the various determinants of…

A: Elasticity of supply: - Elasticity of supply measures the responsiveness of change in quantity…

Q: Certain skilled labor, such as hair cutting, requireslicensing or certification, which is costly and…

A: ANSPrice elastiticity of supply (PES) is the ration between the % change in quantity supplied and %…

Q: What does the price elasticity of supply for a theme park look like?

A: In business and economic aspects, price elasticity alludes to how much people, shoppers, or makers…

Q: In each of the following cases, do you think the price elasticity of supply is perfectly elastic,…

A: Elasticity of supply: It is a measurement of the percentage change in the quantity supplied of a…

Q: The elasticity of supply is +0.34 Comment on the given value of the elasticity of supply whether…

A: Elasticity of supply is given as:- Es = percent change in quantity supplied / percent change in…

Q: suppose that in a week the price of Greek yogurt increases from $1.25/lb to $1.75/lb.At the same…

A: Price elasticity of supply (PES) is an economic measure of the responsiveness (senstivity) of…

Q: What are the major determinants of price elasticity of demand? Use those determinants and your own…

A: Elasticity of demand is a very important concept used by business firms to determine the level of…

Q: Quiz 1. Given the following data for supply and demand of movie tickets, calculate the price…

A: Price elasticity of supply = %change in quantity supplied / %chnage in the price

Q: The Jay Hawkins Co. has decided to raise the price of their Nimbus 2001 from $2,100 to $2,700 a…

A: The elasticity of demand shows the responsiveness of quantity demanded due to change in price of the…

Q: Calculate the price elasticity of supply for each of the following combinations of price and…

A: Price elasticity of supply(PES)  measures the change to the supply of services and goods caused by a…

Q: Elasticity of supply depends on the ease of changing the amount of an item supplied. 8. Anton has 4…

A: Elasticity Elasticity is an term used in economics that describes how the aggregate quantity…

Q: In the graph, when the elasticity moves to the left means : a. Unit in demand or supply inelastic…

A: Elasticity is a term used in economics to describe how the aggregate quantity demanded of an item or…

Q: Price ($) Quantity Demanded Total Revenue Elasticity of Demand 20 0.5     18 1.5     16 2.5…

A: Elasticity of demand measures the responsiveness of change in quantity demanded divided by change in…

Q: How is the price elasticity of supply calculated? Explain what it measures.

A: Price elasticity of supply is the measure of responsiveness of producers and resource suppliers to…

Q: At a price of $150, a cell phone company manufactures 200,000 units. At a price of $250, the company…

A: The price elasticity of supply can be calculated as follows:

Q: Calculate the elasticity of supply when the price rise is given as 30% and the quantity supplied…

A: We must remember that the elasticity of supply shows the law of supply which stated that price and…

Q: Suppose the supply equation is: Q = 12 + 0.70p. What is the price elasticity of supply if the market…

A: Price elasticity of supply: - Price elasticity of supply measures the responsiveness of change in…

Q: Suppose there is a 10% increase in the price of apples. In the immediate short run this elicits a 1%…

A: The Elasticity of supply measures that how much the quantity supplied of a good changes in response…

Q: Calculate the price elasticity of supply from point N to point P. Classify the elasticity for point…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: As we move up and to the left along a linear demand curve, the price elasticity of demand at…

A: In democratic government it has been seen that there is  the partnership and contribution of both…

Q: alculate the price elasticity of supply from point Q to point R. Classify the elasticity for point Q…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Did Starbucks start a pumpkin boom? Ever since Starbucks introduced its famed pumpkin spice latte…

A: Supply(ss) price(p) elasticity(e) measures the percentage(%) change in quantity supplied(QS) due to…

Q: Suppose the supply equation is: Q = 11 + 0.40p. What is the price elasticity of supply if the market…

A: The price elasticity of supply is a measure used in economics to show the responsiveness, or…

Q: XYZ Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do…

A: The measure that depicts the percentage change in quantity being supplied with respect to change in…

Q: Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing…

A: Price elasticity of supply is a tool that measures the supply of goods and services when there is…

Q: Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied…

A:

Q: Calculate the price elasticity of supply for each of the following combinations of price and…

A: In economics, producers play a crucial role as he is one of the market participants who offer…

Q: Why  might  one  expect  the  elasticity  of  supply  of  a commodity  to be greater in the long run…

A: The supply elasticity of a commodity provides a quantifiable relationship between its supply and its…

Q: In the coffee market, you notice that when the price of a kilo of coffee changed from $28 to $16 the…

A: The price elasticity of supply (PES) is a measure of how sensitive a given good's quantity supplied…

Q: A 40% increase in price led the quantity supplied of bicycles in a competitive market to increase…

A: Elasticity of supply measures the responsiveness of quantity supplied with respect to change in…

Q: The table gives the supply schedule for shoes. Calculate the elasticity of supply when     Price…

A: The elasticity of supply shows the responsiveness of the change in price on the the quantity…

Q: Suppose that many varieties of lettuce have been damaged in a particular season by disease. Only…

A: Answer: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…