Answered: Supply curves tend to be more ______…

Supply curves tend to be more ______ the greater the time period facing the producer. A) Price -in elastic B) price- elastic C) steeply sloped D) infkexi

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQ

See similar textbooks

Related questions

Q: If nominal rate of return is 10% per annum and annual effective rate of interest is 10.25% per…

A: Given information: Nominal interest rate (r): 10% Effective interest rate (i): 10.25% To find: the…

Q: Price level LRAS Real GDP ($ trillions) SRAS AD of G

A: The total supply of products and services that businesses in a country's economy want to sell over a…

Q: in economics, what are the following ⦁ the aggregate supply (AS) curve in the immediate short run.…

A: Aggregate supply curve is the total product produced in the economy in terms of monetary value. AS…

Q: How much is accumulated over two years in each of the following savings plans? a.$40at the end of…

A: Given data for the part (a) of the question is as below, Deposited amount at end of the month:…

Q: Which of the following states the definition of supply? Group of answer choices There is a negative…

A: The law of supply is a fundamental economic concept that describes the total amount of a specific…

Q: Determine the market price that Firm A receives for its product. Assume the price is constant…

A: Total revenue is the amount of money made by a company from the sale of all its products. It is…

Q: Explain how each of the following will affect the consumption and saving schedules (as they relate…

A: Gross domestic product (GDP) is the standard measure of the value added created through the…

Q: If the government's budget changes to a surplus of $2.0 trillion, the real interest rate is _______…

A: If the government's budget changes to a surplus of $2.0 trillion, the real interest rate is…

Q: hat is the interest rate on your credit card if after 10 years you owe $40 for a pizza that had a…

A: Given price of pizza paid with credit card after 10 years = 40 $ Time = 10 years Current price = 10…

Q: A computer company produces affordable, easy-to-use home computer systems and has fixed costs of…

A: The following formulas would be helpful to estimate the blanks in the table: Total Cost = Total…

Q: Extra Expense coverage is included in which of the following forms? 1. Condominium Association…

A: the coverage that covers the non-ordinary expenses of the company, is known as extra coverage. This…

Q: John plans to invest an equal amount of $2.000 in equity fund every year-end beginning with this…

Q: 1. Suppose the economy produces three goods: bread, juice, and carrots. The table below shows the…

A: Given information 2015 2020 Goods P Q P Q Bread 2.5 25 3 30 Juice 15 20 15.5 26 Carrot…

Q: Tom has 500 dollars to spend on two goods, good 1 and good 2. The seller of good 1 offers Tom the…

Q: Positive marginal utility is when the marginal utility increases the total utility whereas negative…

A: Utility is characterised as the entire satisfaction a customer experiences when utilising a good or…

Q: During the second stage of the law of diminishing marginal returns: Group of answer choices 1.…

A: Law of diminishing marginal utility A theoretical perspective known as the rule of declining…

Q: Under the cross elasticity of demand between two complementary products___ a) None of the above b)…

A: The demand for a commodity also depends on the price of related goods. Related goods are usually…

Q: 5) Which of the following statements is not true about utility? We can compare utility across…

A: Consumer Decision-Making: Microeconomics places great significance on consumer decision-making.…

Q: The Covid-19 pandemic shifted the aggregate supply and aggregate demand curves to the left. Did that…

A: The COVID-19 reduced the both AD and AS. Thus, it affected the output and employments. The real…

Q: Using the estimates of some real-world income elasticities of demand provided in your textbook, put…

A: It describes a situation in which demand for a commodity rises with rising consumer income and falls…

Q: Suppose you are given the following information about a country: What is the total unemployment rate…

A: Unemployment is a persistent issue that arises when certain workers are unable to find employment in…

Q: Explain why the market price may not be the same as the equilibrium price

A: Demand is the quantity of the items that consumers are requesting at a specific price and time.…

Q: 9. A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the…

A: Tax is the amount levied by the government to control the market for that good. Tax burden is the…

Q: Can you draw( i need a graphs) labor supply function : U(c,l)=log(c)+log(l) where, c-represents the…

A: Given Utility function: U(c,l)=log(c)+log(l) .......(1) Given market wage w=10 Total…

Q: What new opportunities are available in the goods markets and the financial markets in an open…

A: An open market refers to an economic system that does not impose high barriers to free-market…

Q: 2) Suppose that there are two types of consumers. "Type 1" consists of 10 identical consumers who…

A: Given information Type 1 consists of 10 identical consumer P=40-2Qd1 Type 2 consists of 50 identical…

Q: Farmers in Florida use honey bees to pollinate their orange trees. If the price of an orange…

A: In Florida the farmers use honeybees to pollinate the orange trees. The beekeepers and the farmers…

Q: Suppose the demand for L.L. Bean coats is illustrated in the figure to the right. Suppose the price…

A: Revenue refers to the total amount of income that is generated from selling goods and services ,…

Q: Round up the answers to the nearest hundredths. Suppose that business travelers and vacationers…

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

Q: a. What do the the three reg b. What do the unemploym- c. Do these nur force particip

A: The unemployment rate tells that for a fast-growing economy the unemployment rate decreases…

Q: What will be the demand deposit if the cash reserve ratio is 28.5% and the cash reserve are 1200?

A: Cash reserves are generally fund that basically the organisation which are merely set aside in each…

Q: uppose a single parent can work up to 16 hours per day at a wage rate of $10 per hour. Various…

A: Budget Constraint is defined as a set of combination of goods that a consumer can afford to consume…

Q: Assume that fixed costs are $50, labor is the only variable input and its costs are reflected…

A: Using the following formulas, we can calculate the table as follows: Total Cost=Total Fixed…

Q: Explain why the alternative of the industry supply curve based on constant returns is not viable…

A: Marshalls Theory of Value is defined as a theory which tends to combine marginal utility with the…

Q: Daniel Jones thought he was getting his girlfriend the best surprise Valentine’s Day gift ever. He…

A: The question states that Jones , in an attempt to surprise his girlfriend bought concert tickets of…

Q: Suppose income increases by 25 percent and, as a result, the quantity of a particular brand of…

Q: Determine whether the demand for the following product is likely to be elastic or inelastic. a.…

A: When Percentage change in Quantity demanded for good or service is less than Percentage change in…

Q: A person has made an arrangement to borrow $1,000 now and another $1,000 two years hence. The entire…

A: A single amount/lump sum amount is characterized as a solitary total amount of cash. A single amount…

Q: If the price of steak falls while the demand for chicken falls, is the cross-price elasticity of…

A: To determine how much demand for one commodity will change in response to a change in the price of…

Q: QUESTION 1B. Continuing with the inverse demand, P = 50 - Q, if each firm has a marginal cost of 0,…

A: Cournot competition is an economic model used to describe an industry structure in which companies…

Q: 3. An amortization of a debt is in a form of a gradient series of P5,000 on the first years, P4,500…

A: Present value states that an amount of money today is worth more than the same amount in the future.…

Q: Using below information answer questions 12, 13 and 14 Suppose there is a market that has market…

A: tax levied on goods increased the price. as we know that price is set by the market mechanism demand…

Q: 4. Effects of a tariff on international trade The following graph shows the domestic supply of and…

A: Import= Demand - Supply. When domestic demand is greater than domestic supply , then imports are…

Q: Is short-run demand for gasoline elastic or inelastic? Explain.

A: In the short run adjustment of demand depends on whether the substitutes available or not. But in…

Q: e there are 100 consumers with identical individual demand curves. When the price of a movie ticket…

A: Given price and quantity demanded at each level, the fall in price level is equal to increase in…

Q: An organization has limited resources, and each department has been asked to reduce costs, what type…

A: Cost reduction is the most common way of diminishing an organization's costs to expand benefits. It…

Q: If inflation rises from 10 to 14 percent, explain what happens to real and nominal interest rates…

A: Inflation A generalized increase in the cost of goods and services is referred to as inflation.…

Q: Solve the following consumer optimization problem using Kuhn-Tucker. (Your solution should have Xi ≥…

A: In mathematical optimization, the Kuhn–Tucker conditions are first order derivative (fod) necessary…

Q: Intro You put $1,000 into a savings account that pays 9% in annual interest. Part 1 How much money…

A: The formula for compound interest is given by: Amount = P(1 + r/100)n where P is Principal, r is the…

Q: In tourist towns such as Myrtle Beach, some businesses stay open year round while others close. How…

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

Question

Supply curves tend to be more ______ the greater the time period facing the producer.

A) Price -in elastic

B) price- elastic

C) steeply sloped

D) infkexi

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price 2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up 2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?
suppose the price elasticity of demand for heating oil is 0.2 in short run and 0.7 in long run a. if the price of heating oil rises from rs 1.80 to rs 2.20 per litre, what happens to the quantity of heating oil demanded in the short run? in the long run? use mid point method b. why might this elasticity depend on the time horizon?
if the price of a product increases from R5 to R7 and the quantitality demanded decreases from 3000 to 1000 units, the price elasticity demanded will be a. 0.9 b. 2.2 c. 1.67 d. 0.5
Elasticity of supply will increase when:
Calculate the price elasticity of demand for mobiletelephones where the quantity sold decreases from 225 to180 when the price rises from BD50 to BD57.5 3) With the help of a diagram, analyse the impact of entry ofnew suppliers into an industry on the demand and supplycurves. Make sure that your diagram is labelled clearly.
Suppose that the long-run price elasticity of demand for product A is 0.5_ In the short run, which one of the following is most likely to represent the price elasticity of demand for product A? A. Perfectly elastic B. Perfectly inelastic C. Less than 0.5 D. More than 0,5
Please ASAP... when the price of a kettle increases from OMR 15 to OMR 20, the quantity demanded drops from 3550 units to 2500 units. Calculate the elasticity of demand and comment on the degree of elasticity.
What implications does the nature of the supply of agricultural products have for own-price elasticity of supply of agricultural products?
Suppose the income elasticity of demand for ProductZ is -0.8 and the cross price elasticity of demand of Product Z with respect to price of Product M is 2.0. Alex owns a factory producing Product Z. a) State and explain the type of good Product Z is. b) Assuming price of Product Z remains unchanged, state and explain using relevant calculations, specifically how the total quantity demanded of Product Z will be affected when the income of the population decreases by 10%, and the price of Product M increases by 15%.
Explain the term price elasticity of demand? How is it measured? What factors influence market demand for products? If the price elasticity is -3 and RM 100 is the marginal cost of product X, what should be the optimal sale price?
XYZ Co. makes a processor that requires a metal that can only be found in a single mine in Peru. Do you expect the price elasticity of supply for this processor to be elastic or inelastic?
What would the gasoline price elasticity of supply mean to UPS or FedEx?