A firm sales 1000 units of a product at a price of $10 per unit. It's price elasticity of supply is 3. How many units will the firm be able to sell if the price falls to dollar 7.5

Q: Long run elasticity of supply is known as

A: Answer: Note: the question seems to be asking about whether the long-run supply is elastic or…

Q: Explain the term price elasticity of demand? How is it measured?  If the price elasticity is -3 and…

A: Price elasticity of demand describes the correlation between changes in a product's quantity…

Q: if the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80…

A: The price elasticity of demand for a product is 2.5.The price reduces from $2.00 to $1.80.

Q: Price per Movie ($) Quantity demanded Elasticity of Demand 2 3 4 5 6 7 8 1200 1100 1000 900 800 700…

A: Elasticity of demand (Ed) is a measure that quantifies how much the quantity demanded of a good or…

Q: What does price elasticity of supply measure?   how responsive price is to a change in quantity…

A: The total amount of a certain commodity or service available to consumers is referred to as supply.…

Q: Calculate the markup price if MC = $10 and price elasticity equals -2.

A: Mark-up will be computed as difference between the item's selling price and the cost as a percentage…

Q: A producer supplies 400 units of a good at 10 per unit price last elasticity of supply is 2 how many…

A: At a price of 10, 400 units are supplied. i.e., P0 = 10 and Q0=400 Now the price increase to 11 per…

Q: he demand curve for product Z is given as Q = 2,000 - 20P   What is the point of elasticity at a…

A: Demand Curve Q = 2,000 - 20Pprice of $70

Q: Explain the term price elasticity of demand? How is it measured?  If the price elasticity is -3 and…

A: Given  The price elasticity of demand is equal to -3 The marginal cost of production MC=RM 200 In…

Q: Good X can only be produced with a very rare mineral that can only be found in a single mine. Which…

A: Elasticity of supply :-  Elasticity of supply measures the responsiveness of quantity supplied with…

Q: If elasticity of supply is 0.31 and the rise in quantity supplied is 19% Find the value of rise in…

A: The information being given is:- Elasticity of supply = 0.31  Rise in quantity supplied = 19% We…

Q: The price elasticity of supply for a good is 0.5 if a(n) increase in the quantity supplied. 4%…

A: Price elasticity of supply (PES) refers to the method of checking the responsiveness of the supply…

Q: The price elasticity of supply measures the response of sellers to change in the price of a product.…

A: The responsiveness of a good or service's supply to a change in its market price is measured by…

Q: Price elasticity of supply in the short run and long term

A: Price elasticity of supply is the responsiveness change in the quantity supplied of a product when…

Q: Suppose the price of tomatoes fell from $58 a crate to $22 a crate a typical tomato farmer supplies…

A: Price elasticity of supply is a widely applied concept in economics to study the sensitivity of the…

Q: Let's say you are selling a product that is relatively elastic with respect to price.  You decide to…

A: Elasticity measures the responsiveness of the customers with the change of the prices.

Q: 7. The Sylvan Corporation has estimated the price elasticity of demand for synthetic wood  sorrel to…

A: 7) Buyers respond to prices in a way such that when the price increases they demand less of the…

Q: Suppose price of a commodity rises by 10% , then supply by a firm increases by 50%  Calculate…

A: # The elasticity of supply is a measure of the change in quantity supplied due to change in price.…

Q: Last week you sold 800 units of a good at a price of $90 each. This week you would like to sell 950…

A: Price elasticity of demand = percentage change in quantity demanded/ percentage change in price

Q: For a good that has a price elasticity of demand of -1.5 and a marginal cost of $50 per unit, the…

A:

Q: thought for part (a) the Q will equal to 166. and for part (b) isnt the price elasticity equal to…

A: Price elasticity of demand measures the degree of responsiveness of the change in quantity demanded…

Q: MICROECONOMICS In a given market the demand curve is the following: D(p) = 277 - 4p. Determine the…

A: Given that, Market demand curve is  D(p) = 277-4p

Q: A company supplies 120 units of a good at a given price when the level of the price falls by one…

A: At the point when prices are falling, consumers postpone making buys on the off chance that they…

Q: A firm revenue rises from $400 to $500 when the price of its product rises from $20 per unit to $25…

A: we are given that initial total revenue =$400 final total revenue =$500 initial price =$20 final…

Q: Refer to the figure above. If the elasticity of supply is 0.5 when the quantity changes from 100 to…

A: Elasticity is a concept in economics that measures the responsiveness or sensitivity of one variable…

Q: The Umezu Corporation produces books. When a book has a price of $25 per unit, it produces 20,000…

A: Price elasticity of supply measures the responsiveness of quantity supplied with respect to change…

Q: demand of a product: q(p)= 10000 -1000ln(1+10)p please help in solving 1. how to compute the…

A: Given:q(p) = 10000 - 1000 In (1 + 10р) (1) (2)

Q: Demand and Supply Schedules for Papaya Price $ Quantity demanded Quantity Supplied 4 36,000…

A: Meaning of Elasticity of Supply: The term elasticity of supply refers to the situation under…

Q: When the price of a good rises from $20 per unit to $30 per unit,the revenue of the firm producing…

A: As per the question we are given that  P1= $20 P2=$30 TR1=$100 TR2=$300 we have to find price…

Q: What implications does the nature of the supply of agricultural products have for own-price…

A: Supply: It refers to the quantity of a commodity that producer is willing and able to supply at…

Q: Lawnlech sells its laser hedge trimmer at a price of $275, and estimates price elasticity of demand…

A: Elasticity of Demand measures the percentage change in qunatity demanded due to percentage change in…

Q: Which of the following items would have a low price elasticity?   A Yacht   Gasoline   Dinner at an…

A: Elasticity refers to the responsiveness of quantity demanded to changes in price level.

Q: prices and greater at prices O high; low O low; high

A: Elasticity of supply depicts how much producer responds to the change in the price level.

Q: if the price elasticity of demand is 1.6 and a firm increases the price of its product by 10%, it…

A: Elasticity measures how sensitive a variable is to changes in other variables, like price.Price…

Q: The demand function for a given type of product p=30-2Q.find the point price elasticity of demand…

A: p=6Demand function: p=30-2QNow,p=30-2Q2Q=30-pQ=30-62Q=242=12

Q: XYZ Co. makes a processor that requires a metal that can be found in a single mine in Peru. Do you…

A: It is inelastic,The price of metal stretching will be inelastic because it is the only source where…

Q: 500-QD Suppose the demand curve for oPad is P = 10 the quantity of oPad. What is the price…

A: Price Elasticity The proportion of a product's quantity demand change to price change is known as…

Q: A 30 %fall in the price of salt leads to 45 %rise in its demand. Calculate the price elasticity of…

A: According to the given question The formula which would be use will be as  Price elasticity of the…

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.