com/courses/26116/discussion_topics/176523?module_item_id%3D1255293 LTaJtiCTty arna Topic According to the law of supply, if buyers are willing to pay more, sellers are willing to supply more. The price elasticity of supply is a measure of how much sellers are able to adjust the quantity supplied in response to changes in price. Read the following scenario and answer the corresponding questions. World renowned fashion designer Alvin Stein died recently. His company, Alvin Stein Designs has released the last 100 pair of his signature ASD Original jeans. The pattern and design sketches for the ASD Originals were buried with Alvin, per his last wishes. The current price of a pair of ASD Originals is $10,000. • What is the current price elasticity of supply for a pair of ASD Originals? Explain your answer. • Five years after his death, Alvin's sister, Jan released an exact replica of the signature jeans, called ASD Original 2.0, priced at $5000. How might this affect the demand for the remaining 50 pairs of ASD Originals, still retailing for $10,000? • Ten years after Alvin's death, a vault is discovered containing 1000 pairs of ASD Originals. How might this discovery affect the demand for the remaining 30 pairs of ASD Originals? How might this affect the price elasticity of supply for the ASD Original 2.0 jeans? Post your response to the discussion board. A Quality Response Your responses should be a minimum of three posts and it should address all criteria in the rubric below: in
com/courses/26116/discussion_topics/176523?module_item_id%3D1255293 LTaJtiCTty arna Topic According to the law of supply, if buyers are willing to pay more, sellers are willing to supply more. The price elasticity of supply is a measure of how much sellers are able to adjust the quantity supplied in response to changes in price. Read the following scenario and answer the corresponding questions. World renowned fashion designer Alvin Stein died recently. His company, Alvin Stein Designs has released the last 100 pair of his signature ASD Original jeans. The pattern and design sketches for the ASD Originals were buried with Alvin, per his last wishes. The current price of a pair of ASD Originals is $10,000. • What is the current price elasticity of supply for a pair of ASD Originals? Explain your answer. • Five years after his death, Alvin's sister, Jan released an exact replica of the signature jeans, called ASD Original 2.0, priced at $5000. How might this affect the demand for the remaining 50 pairs of ASD Originals, still retailing for $10,000? • Ten years after Alvin's death, a vault is discovered containing 1000 pairs of ASD Originals. How might this discovery affect the demand for the remaining 30 pairs of ASD Originals? How might this affect the price elasticity of supply for the ASD Original 2.0 jeans? Post your response to the discussion board. A Quality Response Your responses should be a minimum of three posts and it should address all criteria in the rubric below: in
Microeconomics A Contemporary Intro
10th Edition
ISBN:9781285635101
Author:MCEACHERN
Publisher:MCEACHERN
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 13PAE
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Transcribed Image Text:com/courses/26116/discussion_topics/176523?module_item_id%3D1255293
LTaJtiCTty arna
Topic
According to the law of supply, if buyers are willing to pay more, sellers are willing to supply more. The price elasticity
of supply is a measure of how much sellers are able to adjust the quantity supplied in response to changes in price.
Read the following scenario and answer the corresponding questions.
World renowned fashion designer Alvin Stein died recently. His company, Alvin Stein Designs has released the last
100 pair of his signature ASD Original jeans. The pattern and design sketches for the ASD Originals were buried with
Alvin, per his last wishes. The current price of a pair of ASD Originals is $10,000.
• What is the current price elasticity of supply for a pair of ASD Originals? Explain your answer.
• Five years after his death, Alvin's sister, Jan released an exact replica of the signature jeans, called ASD Original
2.0, priced at $5000. How might this affect the demand for the remaining 50 pairs of ASD Originals, still retailing
for $10,000?
• Ten years after Alvin's death, a vault is discovered containing 1000 pairs of ASD Originals. How might this
discovery affect the demand for the remaining 30 pairs of ASD Originals? How might this affect the price
elasticity of supply for the ASD Original 2.0 jeans?
Post your response to the discussion board.
A Quality Response
Your responses should be a minimum of three posts and it should address all criteria in the rubric below:
in
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