Would you usually expect elasticity of demand or supply to be higher in the short run or in the long run? Why?

Q: Please describe the Perfectly Inelastic supply and Perfectly Elastic demand, with the help of…

A: Price elasticity of demand (PED) is the responsiveness of a percentage change in quantity demanded…

Q: You are an economist for the City Subway Commission. Presently, the price of a subway ride is 80…

A: Total revenue is described as the manufactured from the charge and the quantity. It is the sales…

Q: How can you make use of the learning about Elasticity of demand in real life?

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

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: elasticity of supply:

A: The %change in Qs to %change in P calculated by es. It can be 1, less than 1 or more than 1 depicts…

Q: What will be the value of price elasticity if the demand for a product is relatively elastic? a.…

A: The elasticity of demand measures the percentage by which the quantity demanded will change when the…

Q: What would the gasoline price elasticity of supply mean to UPS or FedEx?

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

Q: In November 1998 Vincent van Gogh’s self-portrait sold at auction for $71.5 million. Portray this…

A: PES (Price elasticity of supply) is calculated (used in economics) to express the responsiveness, or…

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: If the quantity of bread supplied increased by 12 percent when the price increased by 8 percent,…

A: Elasticity of supply refers to Percentage change in quantity supplied of a particular product with…

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: 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: How does price elasticity of demand impact a firm’s pricing decisions and revenue growth?

A: Elasticity of demand depicts how much consumer responds with the change in price.

Q: If a fixed quantity of a good is available, and no more can be made, what is the price elasticity of…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Suppose that you are an orange grower.  Would you expect the demand for your orange to be more…

A: Elasticity is defined as the responsiveness or sensitiveness on the demand if the factor influencing…

Q: How can we increase the Total Revenue of products by using elasticity? Explain them by giving…

A: Total revenue is the price times quantity

Q: Elasticity of supply will increase when:

A: Elasticity of supply measures the degree of responsiveness of supply to changes in the price of the…

Q: What is the difference between elastic demand and inelastic demand?

A: The elasticity of demand: It is the adjustment or change sought after when there is an adjustment 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: You are an economist for the City Subway Commission. Presently, the price of a subway ride is 80…

A: Total revenue is defined as the product of the price and the quantity. It is the revenue earned from…

Q: The three-day nonstop untimely heavy rain caused by the cyclonic storm ‘Jawad’ damaged many crops…

A: The three-day nonstop untimely heavy rain caused by the cyclonic storm ‘Jawad’ damaged many crops…

Q: Suppose the demand function for a product is given by 5,000 – q In p = q + 1 where p is in hundreds…

A: According to the question given that demand function price level and quantity level a) Elasticity of…

Q: When is supply said to be elastic?

A: Elasticity is a term used in economics to describe the degree to which the quantity desired or…

Q: Billy Bob's Barber Shop knows that a 5 percent increase in the price of their haircuts results in a…

A:

Q: What is the direction of a perfectly elastic supply curve? horizontal vertical downward sloping to…

A: Supply in economics refers to the amount of a resource that firms, producers, labourers, financial…

Q: How is it possible for the elasticity of demand to change over time (in the long run)? Explain.

A: Price elasticity is the percentage change in the quantity demanded due to one percent change in…

Q: short-run or long-run industry supply that is perfectly elastic?

A: The ‘short run supply curve’ of a firm is the part of its ‘marginal cost(MC) curve’ that lies above…

Q: If the demand is given by p = f(q) = 8100 – 4q then what is the demand elasticity for q = 40 ?

A: Price elasticity of demand: The price elasticity of demand calculates the change in the quantity…

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: Your younger brother needs $600 to buy a new computer. He has opened a sandwich stand to make the…

A: The elasticity of demand is the reaction of demand due to change in price of goods and services,…

Q: Suppose the price elasticity of demand for oil is 0.2 in the short run and 0.7 in the long run. a.…

A: Price elasticity in short run = 0.2 Price elasticity in long run = 0.7 Short Run : 0.2 = % change in…

Q: How can we increase the Total Revenue of products by using elasticity?

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

Q: How Does Elasticity Increase the Revenue in Small Businesses? Explain in detail .

A: The quantity demanded of a good is defined as the amount of the good the consumers of the good 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: Would you consider your demand for gas to be relatively elastic or inelastic? What changes do you…

A: Price elasticity measures the responsiveness of demand to changes in price. Elastic demand is…

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: 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: 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…