{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-21T01:09:19-04:00", "answer_date": "2024-06-21 01:09:19", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "3387679", "url": "\/study-help\/questions\/read-the-directions-carefully-and-answer-all-parts-of-each-3387679", "question_creation_date_js": "2024-06-21T01:09:19-04:00", "question_creation_date": "Jun 21, 2024 01:09 AM", "meta_title": "[Solved] Read the directions carefully and answer | SolutionInn", "meta_description": "Answer of - Read the directions carefully and answer all parts of each question. Write neatly; if I can't read it, it will be coun | SolutionInn", "meta_keywords": "read,directions,carefully,answer,parts,question,write,neatly,will,counted,wrong,work", "question_title_h1": "Read the directions carefully and answer all parts of each question. Write neatly; if I can't read it, it will be counted wrong. You may", "question_title": "Read the directions carefully and answer all parts of each question. Write", "question_title_for_js_snippet": "Read the directions carefully and answer all parts of each question Write neatly if I can't read it, it will be counted wrong You may work in groups, but you must submit your own solution Any submissions that are word for word identical will receive a score of 0 No late homework will be accepted under any circumstances Suppose that as the price of an item increases by 10 that the quantity demanded of that same item decreases by 2 a Calculate the price elasticity of demand (4 pts ) 0 2 b What does the value in a tell you about the good in question (2 pts ) inelastic 2 Suppose that as the price of an item increases by 10 that the quantity supplied of that same item increases by 22 a Calculate the price elasticity of supply (4 pts ) 2 2 b What does the value in a tell you about the good in question (2 pts ) elastic Suppose that as the income level increases by 10 that the quantity demanded of that same item increases by 6 a Calculate the income elasticity of demand (4 pts ) o b What two things does the value in a tell you about the good in question (4 pts ) inelastic normal Suppose that as the price of an item increases by 10 that the quantity demanded of a different good item increases by 1 a Calculate the cross price elasticity of demand (4 pts ) FO b What two things does the value in a tell you about the goods in question (4 pts ) Substitutes, inelastic Q FC VC TC MC AFC AVC ATC 5,000 O 5,000 200 5,000 1000 6,000 5 25 5 30 500 5, DOO 4, 000 9000 10 10 8 10OO 5, 000 12000 17, 000 16 5 12 17 2000 5, 000 50, 000 55,000 38 2 5 25 27 5 Complete the table above (14 pts ) Is this short run or long run (0 pts ) How do you know (2 pts ) Sketch the MP and TP curves for the firm above Identify on your MP graph where this firm experiences teamwork specialization and crowding of the fixed input (6 pts )", "question_description": "\"image
\"image<\/div><\/div><\/div><\/figure> Read the directions carefully and answer all parts of each question. Write neatly; if I can't read it, it will be counted wrong. You may work in groups, but you must submit your own solution. Any submissions that are word-for-word identical will receive a score of 0. No late homework will be accepted under any circumstances. . Suppose that as the price of an item increases by 10% that the quantity demanded of that same item decreases by 2%. a. Calculate the price elasticity of demand. (4 pts.) - 0. 2 b. What does the value in a tell you about the good in question? (2 pts.) inelastic 2. Suppose that as the price of an item increases by 10% that the quantity supplied of that same item increases by 22%. a. Calculate the price elasticity of supply. (4 pts.) + 2. 2 b. What does the value in a tell you about the good in question? (2 pts.) elastic Suppose that as the income level increases by 10% that the quantity demanded of that same item increases by 6%. a. Calculate the income elasticity of demand. (4 pts.) + o. b. What two things does the value in a tell you about the good in question? (4 pts.) inelastic normal Suppose that as the price of an item increases by 10% that the quantity demanded of a different good item increases by 1%. a. Calculate the cross-price elasticity of demand. (4 pts.) FO. \\\\ b. What two things does the value in a tell you about the goods in question? (4 pts.) Substitutes, inelastic Q FC VC TC MC AFC AVC ATC 5,000 O 5,000 200 5,000 1000 6,000 5 25 5 30 500 5, DOO 4, 000 9000 10 10 8 10OO 5, 000 12000 17, 000 16 5 12 17 2000 5, 000 50, 000 55,000 38 2.5 25 27.5 Complete the table above. (14 pts.) Is this short-run or long run? (0 pts.) How do you know? (2 pts.) Sketch the MP and TP curves for the firm above. Identify on your MP graph where this firm experiences teamwork\/specialization and crowding of the fixed input. (6 pts.)", "transcribed_text": "", "related_book": { "title": "Survey of Accounting", "isbn": "1285974360, 1285183487, 9781285974361, 978-1285183480", "edition": "7th edition", "authors": "Carl S. Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/280.jpg", "uri": "\/textbooks\/survey-of-accounting-7th-edition-280", "see_more_uri": "" }, "free_related_book": { "isbn": "1549715704", "uri": "\/textbooks\/the-ultimate-self-directed-ira-using-self-directed-iras-and-solo-401ks-to-invest-in-real-estate-bitcoin-ethereum-cryptocurrencies-gold-private-businesses-startups-exotics-and-much-more-1st-edition-978-1549715709-193541", "name": "The Ultimate Self Directed Ira Using Self Directed Iras And Solo 401ks To Invest In Real Estate Bitcoin Ethereum Cryptocurrencies Gold Private Businesses Startups Exotics And Much More", "edition": "1st Edition" }, "question_posted": "2024-06-21 01:09:19", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/pepsi-one-case-38-notes-case-notes-1-address-the-following-issues", "description": "Pepsi One (Case #38, Notes) Case Notes 1. 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PPI requested that Omneon ship the wafers directly to the City University of New York, the end purchaser...", "stars": 3 }, { "url": "\/study-help\/questions\/using-the-following-items-prepare-a-balance-sheet-in-good-9770044", "description": "Using the following items, prepare a balance sheet in good order (showing each category and correctly labeled) for Frank Ferguson. After you have prepared Franks balance sheet, calculate Frank's...", "stars": 3 }, { "url": "\/study-help\/questions\/cheetah-copy-purchased-a-new-copy-machine-the-new-machine-9182740", "description": "Cheetah Copy purchased a new copy machine. The new machine cost $114,000 including installation. The company estimates the equipment will have a residual value of $28,500. Cheetah Copy also estimates...", "stars": 3 }, { "url": "\/study-help\/questions\/answer-explain-the-questions-how-does-company-analysis-help-1007547", "description": "ANSWER & EXPLAIN the questions: How does company analysis help in making a strategic plan? Why is it important to be familiarize with the format of a strategic plan?", "stars": 3 }, { "url": "\/study-help\/questions\/you-must-now-complete-an-analysis-of-the-mobile-phone-1007957", "description": "You must now complete an analysis of the mobile phone market. Who are the key players? Create a list of companies in priority order based on sales. What are the key strengths and unique selling...", "stars": 3 }, { "url": "\/study-help\/questions\/1-bobthecat-enterprises-has-asked-foxfirst-consulting-to-help-with-1008032", "description": "1) BobTheCat Enterprises has asked FoxFirst Consulting to help with upgrading 600 desktop users from Windows 7 to Windows 10. As per contract, FoxFirst will provide the upgrade strategy. 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