The price of coffee rose sharply last month, while the quantity sold remained the same. Each of
Question:
The price of coffee rose sharply last month, while the quantity sold remained the same. Each of five people suggests an explanation:
Who could possibly be right?
a. Tom, Dick, and Harry
b. Tom, Dick, and Mary
c. Tom, Harry, and Mary
d. Dick, Harry, and Larry
Transcribed Image Text:
TOM: Demand increased, but supply was perfectly inelastic. DICK: Demand increased, but it was perfectly inelastic. HARRY: Demand increased, but supply decreased at the same time. LARRY: Supply decreased, but demand was unit elastic. MARY: Supply decreased, but demand was perfectly inelastic.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (11 reviews)
The given scenario describes that the price of coffee increased while the quantity sold remained con...View the full answer
Answered By
Takhlees Alam
As a tutor, I am a B.Com graduate who is currently pursuing a Chartered Accountancy (CA) certification. I am dedicated, passionate, and enthusiastic about teaching and helping students to succeed in their academic pursuits.
My journey to becoming a tutor began during my undergraduate studies. I found that I had a knack for explaining complex concepts to my friends who were struggling to grasp certain topics. I enjoyed the process of breaking down information into simpler terms and helping others to understand the material better.
Upon graduating from university, I decided to pursue a career in accounting and enrolled in the CA program. While studying for my exams, I continued to tutor students part-time. This allowed me to apply the knowledge I was gaining in my studies to real-world scenarios and help students understand how the concepts they were learning in class would apply in practice.
When I work with a student, I start by identifying their strengths and weaknesses in the subject
matter. This helps me to understand where the student is struggling and where they are
excelling. From there, I work with the student to develop a personalized study plan that focuses
on strengthening their weak areas while building on their strengths.
Overall, my goal as a tutor is to help my students achieve their academic and personal goals. I
am committed to providing high-quality instruction, personalized support, and an engaging
learning experience. Whether a student is struggling with a particular concept or simply looking
to deepen their understanding of the subject matter, I am here to help them succeed.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Microeconomics
ISBN: 9780176872823
8th Canadian Edition
Authors: N. Mankiw, Ronald Kneebone, Kenneth McKenzie
Question Posted:
Students also viewed these Business questions
-
Multiple Choice Questions 1. A life-saving medicine without any close substitutes will tend to have a. A small elasticity of demand. b. A large elasticity of demand. c. A small elasticity of supply....
-
The price of coffee rose sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Leonard: Demand increased, but supply was perfectly inelastic....
-
INTRODUCTION Today, a jar of instant coffee can be found in 93 per cent of British homes and increasingly consumers are trying out different types of coffee, such as cappuccino, espresso, mocha and...
-
Read the case study of Statistics regarding the Lawler Grocery Store chain. The use of the sign test is demonstrated in this case study. In your opinion, what is the biggest benefit of the sign test?...
-
Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000. a. How much gain, if...
-
Distinguish between recording the subsidiary depreciable assets at net versus gross fair values. LO2
-
In the calculation of variance for optimistic and pessimistic activity duration estimates made at the LO6 95 or 90 percent level, the denominator of the fraction that approximates the standard...
-
On Friday nights, patients arrive at the emergency room at Mercy Hospital at an average rate of seven per hour, which follows a Poisson distribution. Assume that an emergency-room physician can treat...
-
Please show work and how to calculate it using financial cal QUESTION 6 Suppose the interest rate on a 1-year T-bond is 2.66%, that on a 2-year T-bond is 2.87%, that on a 3-year T-bond is 3.15%, and...
-
An increase in the supply of a good will decrease the total revenue producers receive in which of the following circumstances? a. The demand curve is inelastic b. The demand curve is elastic c. The...
-
For each of the following arguments, a. Translate the argument into standard form. b. Name the mood and figure of its standard-form translation. c. Test its validity using a Venn diagram. If it is...
-
The functions in Exercises are defined for all x except for one value of x. If possible, define f (x) at the exceptional point in a way that makes f (x) continuous for all x. f(x) = = x + 25 2 x - 5...
-
Part 2 One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of...
-
A species of butterfly has three subspecies A, B, and C. A scientist is trying to classify observed. specimens into these subspecies based on the color of their wings, which can be blue, green, pink,...
-
Stock during the year were sold for $8 per share. On December 31 , Portland had no remaining treasury stock. Required: Prepare the necessary journal entries to record any transactions associated with...
-
2) 20 pts. A 2-kg block rests on a wedge that has a coefficient of friction between the wedge and block of 0.3. The system accelerated to the right. Determine the maximum acceleration of the system...
-
ABC Ltd. is concerning about its poor performance and considering whether or not dropping the production and sells of product R, which incurs losses of Birr 4000. Additional information: The salaries...
-
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in...
-
A 20-cm-square vertical plate is heated to a temperature of 30oC and submerged in glycerin at 10oC. Calculate the heat lost from both sides of the plate.
-
The government is considering two ways to help the needy: giving them cash or giving them free meals at soup kitchens. Give an argument for giving cash. Give an argument, based on asymmetric...
-
Ken walks into an ice-cream parlor. Waiter: We have vanilla and chocolate today. Ken: Ill take vanilla. Waiter: I almost forgot. We also have strawberry. Ken: In that case, Ill take chocolate. What...
-
Three friends are choosing a restaurant for dinner. Here are their preferences: a. If the three friends use a Borda count to make their decision, where do they go to eat? b. On their way to their...
-
On February 1, 2021, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,600,000. During 2021, costs of $2,200,000 were incurred with...
-
Salespersons' Report and Analysis Walthman Industries Inc. employs seven salespersons to sell and distribute its product throughout the state. Data taken from reports received from the salespersons...
-
Stockholders do not have the power to bind the corporation to contracts. This is referred to as lack of mutual agency. True false question. True False
Study smarter with the SolutionInn App