Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 27, 2024

If a 20%change in price results in a 15%change in quantity supplied,then the price elasticity of supply is about a.1.33,and supply is elastic b.1.33,and supply

If a 20%change in price results in a 15%change in quantity supplied,then the price elasticity of supply is about

a.1.33,and supply is elastic

b.1.33,and supply is inelastic

c.0.75,and supply is elastic

a.0.75,and supply is inelastic

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Microeconomics 2e By OpenStax

Authors: OpenStax

2nd Edition

1947172344, 978-1947172340

More Books

Students also viewed these Economics questions

Question

★★★★★

Assume that you serve on the board of a local golf and country club. In preparation for renegotiating the club's bank loans, the president indicates that the club needs to increase its operating cash...

Answered: 1 week ago

Question

★★★★★

please help me solve this question. the last option answer is $32.00 The following information is available for a company's cost of sales over the last four months. Using the high-low method, the...

Answered: 1 week ago

Question

★★★★★

What is national saving? What is private saving? What is public saving? How are these three variables related?

Answered: 1 week ago

Question

★★★★★

IBP Inc. is considering establishing a new machine to automate a meat packing process. The machine will save $50,000 in labor annually. The machine can be purchased for $200,000 today and will be...

Answered: 1 week ago

Question

★★★★★

If a 20%change in price results in a 15%change in quantity supplied,then the price elasticity of supply is about a.1.33,and supply is elastic b.1.33,and supply is inelastic c.0.75,and supply is...

Answered: 1 week ago

Question

★★★★★

What is LBOR? Why were LIBOR rates so much higher than Treasury yields in 2007 and 2008? What is needed to return LIBOR rates to the lower, more stable levels of the past?

Answered: 1 week ago

Question

★★★★★

Problem 5 ABS Manufacturing had the following production for the month of July: Units Work in process at July 1 10,000 Started during July 40,000 Completed and transferred to finished goods 33,000...

Answered: 1 week ago

Question

★★★★★

Harper Products signed a contract with Cranmore Manufacturing to design, develop, and produce a specialized plastic molding machine for its factory operations. The machine is not currently sold to...

Answered: 1 week ago

Question

★★★★★

You acquired 5 long futures contracts for oil. The standard contract size is 1,000 barrels. The agreed strike price is P110,000 per barrel to be delivered one month from now. The current price of a...

Answered: 1 week ago

Question

★★★★★

a. Merck's common shares i. Merck is authorized to issue 5,400,000,000 shares of common stock. ii. As of December 31, 2007, Merck had issued 2,983,508,675 shares of common stock. iii. The common...

Answered: 1 week ago

Question

★★★★★

B Assignment 1.5 Exercises D E F G H J K 5 Points Problem 8: Cash Flow Statement Balance Sheets and an Income Statement for Whistler Corporation are provided below (in $ thousands): Whistler...

Answered: 1 week ago

Question

★★★★★

1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Under which of these market classifications does each of the following most...

Answered: 1 week ago

Question

★★★★★

2. Strictly speaking, pure competition is relatively rare. Then why study it? LO10.2

Answered: 1 week ago

Question

★★★★★

7. last word Does additive manufacturing rely on economies of scale to deliver low costs? What are two ways in which additive manufacturing lowers costs? Besides whats written in the book, might...

Answered: 1 week ago

Previous Question Next Question