Supply curves tend to be more ______ the greater the time period facing the producer. A) Price -in elastic B) price- elastic C) steeply sloped D) infkexi
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Supply
A)
B) price- elastic
C) steeply sloped
D) infkexi
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- Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price 2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up 2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?Suppose the supply and demand curves for a particular product are given by: QS = -20 + 2P QD =100 - 2P where QS and QD are quantities in units and P is the price per unit. (b) Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.] [5]
- If the price elasticity of supply is zero, the supply curve isa. upward sloping.b. horizontal.c. vertical.d. fairly flat at low quantities but steeper at largerquantities.Term used to describe demand that can be accuratelycalculated to meet the need of a production schedule,for example.Supply and Demand The supply function for a product is given by p = q2 + 500 and the demand function for this product is p = 1124 - 40q, where p isthe price in dollars and q is the number of hundredsof units. Find the price that gives market equilibriumand the equilibrium quantity
- Which of the ff. is true with regards to the price elasticity of supply? A. Higher the price elasticity of supply, the higher is the change in quantity supplied for a given change in the price of the good B. Price elasticity of supply has a positive sign because the price and the quantity supplied are directly related C. Sellers have a higher ability to respond to a change in the price of the good produced in the long run than in the short run D. All statements are trueProduct Z is complementary to Product X. The price for Product Z goes up. A) The demand curve will shift down and to the left [reduces equilibrium price & quantity] B) The demand curve will shift up and to the right [increases equilibrium price & quantity] C) The supply curve will shift down and to the right [reduces equilibrium price & quantity] D) The supply curve will shift up and to the left [equil-increases price & reduces quantity] E) Both A) and D) [reduces equilibrium quantity ---price change is unclear] F) Both A) and C) [reduces equilibrium price ---- change in quantity is unclear]Suppose the supply and demand curves for a particular product are given by: QS = -20 + 2P , QD =100 - 2P where QS and QD are quantities in units and P is the price per unit. Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.]