The following graph shows the short-run supply curve for pears.Place the orange line (square symbol) on the following graph to show the most likely long-run supply curve for pears. (Note: Place the points of theline either on N and W or on N and F.)(?)4840Long-Run Supply24NShort-Run Supply281012QUANTITY (Thousands of pounds of pears)PRICE (Dollars per pound)

There used to be differences in the short-run and long-run supply curve due to changes in the nature…

Answered: The following graph shows the short-run…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 8CQ

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Calculating the price elasticity of supply

Andrew is a retired teacher who lives in San Diego and does some consulting work for extra cash. At a wage of $25 per hour, he is willing to work 6 hours per week. At $35 per hour, he is willing to work 16 hours per week.

Using the midpoint method, the elasticity of Andrew’s labor supply between the wages of $25 and $35 per hour is approximately , which means that Andrew’s supply of labor over this wage range is .

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