FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose the price elasticity of supply for a good is 2.04 in the long run. If an increase in the demand causes the price of

Suppose the price elasticity of supply for a good is 2.04 in the long run. If an increase in the demand causes the price of the good to increase by 14.5%, what percentage change in quantity supplied would result in a 14.5% increase in price in the long run?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the percentage change in quantity supplied requi... blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Macroeconomics Principles Applications And Tools

Macroeconomics Principles Applications And Tools

Authors: Arthur O Sullivan, Steven M. Sheffrin, Stephen J. Perez

7th Edition

978-0134089034, 9780134062754, 134089030, 134062752, 978-0132555234

More Books

Students also viewed these Accounting questions

Question

★★★★★
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★
An economic historian* reports that econometric studies indicate for the preCivil War period, 18201860, the price elasticity of demand for cotton from the American South was approximately 1. Due to...

Answered: 1 week ago

Question

★★★★★
The transition graph below describes a non-deterministic automaton. 90 92 q3 q4 95 - - Write the formal definition of the automaton. Find 3 strings accepted by this automaton and 3 strings rejected...

Answered: 1 week ago

Question

★★★★★
The 2017 financial statements for the Thor and Gunnar companies are summarized below. These two companies are in the same business and in the same province but in different cities. One-half of Thor?s...

Answered: 1 week ago

Question

★★★★★
The balance in the supplies account, before adjustment at the end of the year, is $1,736. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $813.

Answered: 1 week ago

Question

★★★★★
Give an example of alternative media.

Answered: 1 week ago

Question

★★★★★
Think about a time when you have received good and bad customer service. Consider how this was related to emotions at work, for example did the employee show you emotions you shouldnt have seen or...

Answered: 1 week ago

Question

★★★★★
A. Identify ONE type of boundary data shown on the map.B. Identify the region of the United States where most dairy farms are located.C. Identify ONE spatial pattern shown on the map.D. Describe the...

Answered: 1 week ago

Question

★★★★★
Revenues 4300 Gross Profit 1200 Operating Income 750 Interest expenses 50 Taxes 175 Total Assets 2500 Current Liabilities 500 Long term debt 1000 Common stock 500 Retained Earnings 350 Net income...

Answered: 1 week ago

Question

★★★★★
Computer Project Exercises In developing the exercises, trade-offs had to be made to enrich the learning experience. One of the major problems students initially encounter is data and detail...

Answered: 1 week ago

Question

★★★★★
Tracy Morgan is self-employed as a professional golf instructor. She uses the cash method of accounting and her SS# is 465-34-3389. Her principal business code is 812990. Tracy's business is located...

Answered: 1 week ago

Question

★★★★★
A surface mount PCB placement/soldering line is to be installed for $2,300,000. It will have a salvage value of $100,000 after 5 years. Determine the depreciation deduction and the resulting...

Answered: 1 week ago

Question

★★★★★
How can stakeholders track how the planning team has addressed key issues during the development of the master plan study? Group of answer choices Preparation of meeting minutes Develop and follow a...

Answered: 1 week ago

Question

★★★★★
You are interested in the effects of time spent viewing television and Body Mass Index on cardiovascular fitness (CVF) in children. You have a sample of 60 middle school students. Each student...

Answered: 1 week ago

Question

★★★★★
The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets Assets At June 30 Cash Accounts receivable, net Prepaid expenses 2021 2020 $...

Answered: 1 week ago

Question

★★★★★
At an air show, a jet is approaching you at a speed of 140 m/s. You hear the jet engine at 9. a frequency of 775 Hz. What was the emitted frequency of the jet engine? It was a hot day so the speed of...

Answered: 1 week ago

Question

★★★★★
answers and explanation please questions 1 &2 at the bottom of time as compared to all snartphones sold in riod. It is usually expressed as a percentage Market dollars sold. Marketing managers often...

Answered: 1 week ago

Question

★★★★★
Determine the reactions in supports A and D and connections B and C. Sketch its shear and moment diagram and determine the magnitude ankoration of the maximum shear and moment for every member. 18 3...

Answered: 1 week ago

Question

★★★★★
1. The production function illustrates the relationship between _______ and _______________. 2. With the stock of capital fixed, output increases with labor input, but at a rate that...

Answered: 1 week ago

Question

★★★★★
1. Consumer Compensation. Consider the story of Coca-Cola and the scoreboard in the chapter. Your job is to fully compensate each student for the cost associated with the soft-drink monopoly. Suppose...

Answered: 1 week ago

Question

★★★★★
1. The -industry argument is often given to provide a rationale for tariffs for new firms. 2. Knowledge gained during production is known as by doing. 3. If only one firm can exist in a market, a...

Answered: 1 week ago

Question

★★★★★
The Inland Empire Food Store Company has stated in its advertising that the average shopper will save more than $5.00 per week by shopping at Inland stores. A consumer group has decided to test this...

Answered: 1 week ago

Question

★★★★★
The Haines Lumber Company makes plywood for the furniture industry. One product it makes is 3/4-inch oak veneer panels. It is very important that the panels conform to specifications. One...

Answered: 1 week ago

Question

★★★★★
Two companies that manufacture batteries for electronics products have submitted their products to an independent testing agency. The agency tested 200 of each companys batteries and recorded the...

Answered: 1 week ago

Previous Question Next Question