5. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for apricots. Place the orange line (square symbol) on the graph to show the most likely long-run supply curve for apricots. (Note: Place the points of the line either on E and D or on E and C.) PRICE (Dollars per pound) 12 10 0 E Do O Short-Run Supply 2 8 10 QUANTITY (Thousands of pounds of apricots) 6 12 Long-Run Supply

5. Price elasticity of supply in the short run and long run The following graph shows the short-run supply curve for apricots. Place the orange line (square symbol) on the graph to show the most likely long-run supply curve for apricots. (Note: Place the points of the line either on E and D or on E and C.) PRICE (Dollars per pound) 12 10 0 E Do O Short-Run Supply 2 8 10 QUANTITY (Thousands of pounds of apricots) 6 12 Long-Run Supply

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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