When supply is perfectly elastic, the supply curve is O vrtical. O horizontal. downward sloping. O U-shaped. unward sloning

Q: When

A: Given information, Initial quantity sold (demanded): 300 Final quantity sold (demanded): 420…

Q: price elasticity of supply equal 3, this means: O supply is elastic 5 supply is inelastic the…

A: Price elasticity of Supply < 1 = Inelastic Supply Price elastic of Supply = 1 = Unit Elastic…

Q: (b) Assume that the cross-price elasticity of demand between peanuts and bananas is positive. A…

A: Given the substitute goods are peanuts and bananas. Cross price elasticity of demand is positive.

Q: In the long term, the elasticity of supply is affected most by what? Otime O resources O capital O…

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

Q: If Price and Total Revenue move in the same direction Select one: O a. Unit Elastic Demand O b.…

A: The law of demand refers to the inverse or negative relationship between the quantity demanded of a…

Q: Let (inverse) demand be Pb 98 - 2 Qb and (inverse) supply be Pv = 26 + 2 Qv. What is 2. the quantity…

A: Equilibrium is achieved at a point where demand curve intersects supply curve. Any price below the…

Q: Price/unit (Pesos) 20 40 60 80 100 120 Quantity 30 (a) 60 (b) 90 (c) 120 (d) 150 (e) 180 (f)

A: The price elasticity of supply alludes to the reaction to a change in goods and service prices by…

Q: Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles pe month. They…

A: Price elasticity of demand refers the responsiveness of quantity demanded towards the change in the…

Q: The equation for a supply curve is P=3Q–8.What is the elasticity in moving from a price of 4 to a…

A: Elasticity refers to the responsiveness of one variable to changes in another variable; given that…

Q: Demand is more elastic:   a. in the short run than in the long run b. for necessities than…

A: Elasticity shows the responsiveness of quantity demanded due to the change in the price of a…

Q: Consider the linear supply function Qs = -c + dP.  Compute a slope and elasticity of the supply…

A: Supply(ss) curve shows a direct-relationship between price(P) and quantity supplied(QS) i.e. when…

Q: When supply curve is horizontal, elasticity of the supply would be ___________?

A: According to the given question The shifting of the supply curve is basically due to the…

Q: Define term demand and supply? Why demand is negative and supply is positive sloped curve? What are…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Consider a competitive market for which quantities demanded and supplied at various prices provided…

A: Answer 1) The Price Elasticity of demand can be calculated as Ed = ∆Q∆PxPQ Where,∆Q = Change in…

Q: If quantity demanded is completely unresponsive to changes in price, demand is A. O Inelastic B. O…

A: elasticity of demand refers that  the proportion change in demand  due to proportion change in price…

Q: What is a unitary elastic supply?

A: The markets are the place where the buyers and the sellers of various goods and services and other…

Q: oh 4 Straight-line demand curve means more elasticity as we move down along the curve. O True False

A: Question 4 straight line demand curve means more elasticity as we move along the curve. - FALSE

Q: Of the following, demand is likely to be the least elastic for Select one: OA diamonds OB. pink…

A: Elasticity measures the responsiveness of quantity demanded with respect to change in price.

Q: Define term demand and supply? Why demand is negative and supply is positive sloped curve? What are…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Until recently, Cynthia's Cycles rented bicycles for $8 and they rented 320 bicycles per month. They…

A: At price $8, the rented number of rented bicycles = 320 per month At price $12, the rented number of…

Q: The demand for is more elastic than the demand for Select one: O a. all soft beverages; lemonade O…

A: Elasticity in economics basically refers to the measure of the overall responsiveness of one…

Q: A perfectly elastic demand curve is a(n) Lütfen birini seçin: O A. downward sloping line O B.…

A: The demand curve shows how much quantity demanded of particular good changes when the price changes.…

Q: 28. If price and total revenue move in the same direction, then demand is A. O Inelastic B. O…

A: The curve that depicts the quantities that are being demanded by an individual at various levels of…

Q: . Because the demand curve for oil is _________elastic in the long run, OPEC’s reduction in…

A: The elasticity of demand is used as a measure of responsiveness between two negatively correlated…

Q: Law of demand Elasticity of Supply OElastic supply are supplies that increase price in production.…

A: In a market, elasticity refers to the responsiveness of market participants in terms of change in…

Q: Consider a competitive market for which quantities demanded and supplied at various prices provided…

A: First we will create equations of demand and supply using the equation of a line:…

Q: (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve dq…

A: c) Given, P = 250 - q/4 so, when q=100 P=250-(100/4) = 225 P=250-(q/4) q=1000-4P Price elasticity,…

Q: With free entry, supply will be infinitely elastic at the break-even price. True O False

A: In free market where anyone can acces the market and leave the market anytime .

Q: Demand is unit elastic when   O a. shift of the supply curve leads to no change in price   Ob.…

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

Q: Eagoodhas a lot o substitutes, then its demand is: O elastic 5 inelastic c. unit elastic delaitic or…

A: Demand elasticity depends on how sensitive demand is to price changes, income changes, availability…

Q: (a)    Due to the increase in the demand for video games, the equilibrium price of video games…

A: The price elasticity of demand measures the % change in quantity demanded and % change in prices.…

Q: If the supply curve touches Y axis elasticity of the supply is less than one Tell the above is true…

A: Price elasticity refers to the level of change caused by the price of a good or service in its…

Q: (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve dq…

A: Given, quantity of autograph bats is 100 price of each bat is $p. Demand curve is as: p=250-q4 or…

Q: What is the price elasticity of supply, when: (a) Supply curve passes through the origin; (b) Supply…

A: According to the given question a) The price elasticity of supply when the supply curve passes…

Q: Consider the following perfectly elastic demand curve for good X. At a price of P1, quantity…

A: Price-Elasticity(Ep) of a good is defined as it’s “sensitivity to price(P). That is , the %…

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: (a)    Due to the increase in the demand for video games, the equilibrium price of video games…

A: Hello, thank you for the question. Since there are multiple sub-part questions asked here, only the…

Q: For which product is the income elasticity of demand most likely to be negative?  A. Bread B. Gas C.…

A: Income elasticity of demand (Yed) is the ratio of %change in Qd(quantity demanded) of a product and…

Q: The sugar market has a supply curve with formula: Ps = 2 + 0.1Qs, and demand cuve: Pd 55- %3D 0.32Qd…

A: The elasticity of demand is the responsiveness of the quantity demanded due to changes in price.

Q: What is the price elasticity of supply, when: (a) Supply curve passes through the origin; (b) Supply…

A: According to the given question, We need to discuss the price elasticity of supply : When, a: The…

Q: Indicate whether the demand/supply is elastic/inelastic (eg. Demand is elastic, supply is inelastic

A: 2) There are only a few substitutes for your good As only few substitutes available then there are…

Q: Describe how the elasticity of demand behaves in the long run?

A: Elasticity of demand refers to responsiveness of change in quantity demanded due to change in price.

Q: Are the following statements true or false? Explain your answors. The price elasticity of demand is…

A: Price elasticity of demand measures the responsiveness of change in quantity demanded to change in…

Q: Use the market demand on #3 and identify the range of price that will give a/an D. perfectly…

A: We have been given the individual demand function Qx=65,000-11.25Px+15Py-3.75I+7.5A            ...…

Q: Fil in the blanks to make the following statements correct a. Suppose the quantity supplied of some…

A: ELASTICITY: It  measures the percentage change of one economic variable in response to a change in…

Q: Price and TR move in opposite directions in Select one: Oa. Inelastic demand Ob. Elastic demand…

A: Total revenue (TR) : It can be defined as the product of price and quantity. Total revenue (TR) =…

Q: (c) Lara offers 100 autograph bats. If each is priced at p dollars, it is that the demand curve dq…

A: Meaning of Price Elasticity of Demand: The term price elasticity of demand refers to the extension…

Q: Consider the linear supply function Qs = -c +dP. Compute a slope and elasticity of the supply curve,…

A: The supply curve shows a direct relationship between price(P) and quantity supplied(Qs) i.e. when…