If two supply curves in an economy intersect which one will have a higher price elasticity?

Q: ECONOMICS Suppose that as the price of X falls from $5 to $2 and the quantity of X demand increases…

A: elasticity of demand refers that the change in demand due to the change in price so we can calculate…

Q: Suppose that Bobo purchases 1 pizza per month when the price is $19 and 3 pizzas per month when the…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: At equilibrium the price elasticity of demand is and the price elasticity of supply is

A: FORMULAS: Price elasticity of demand = -(Q2 - Q1 / P2 - P1) * (P1/Q1) Price elasticity of supply =…

Q: The price and quantity demanded of a particular smartphone app are shown in the table below.…

A: The curve that depicts various quantities of goods and services being demanded at various price…

Q: explain with the help of a diagram how new technology might change the elasticity of supply of new…

A: The effect of the technology on the elasticity can be explained as follows :  Elasticity of Supply :…

Q: The price elasticity of demand for Strawberries is 0.6. If the price of Strawberries increases by…

A: Price elasticity of demand of strawberries = -(% change in demand / % change in price)    we are…

Q: What is the relationship between price elasticity and position on the demand curve?

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

Q: Suppose the cross-price elasticity of demand between avocados and limes is –0.3 (E avocados / limes…

A: Cross- price elasticity: It refers to the responsiveness of quantity demanded of a good when the…

Q: A good with many close substitutes is likely to have relatively demand, because consumers can easily…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: Alex, a car driver, drives up to a gas station and without asking price, he asks for 20 gallons of…

A: Consumer A, a car driver, drives up to a gas station and without asking price, he asks for 20…

Q: Are these answers correct? The question is attached as a photo x) This statement is true. If the…

A: Cross elasticity of demand refers to the degree of responsiveness of demand for one good due to a…

Q: Suppose that the quantity demanded for an item was 20 units when its price was $5.00; then the…

A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…

Q: Suppose that Airblue and AirSail have the following demand for tickets from Karachi to Islamabad…

A: Elasticity (Ed) = [(Q2 - Q1) / (Q2 + Q1)] / [(P2 - P1) / (P2 + P1)]

Q: goods X and Y are SUBSTITUTES, then which of the following could be the value of the cross price…

A: When the increase in price of one good leads to increase in demand for another good then the goods…

Q: Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium…

A:

Q: Suppose that the inverse supply and demand for pork are given by: P = 800 - 2Qd and P-200+2Qs, where…

A:

Q: If a 5 percent change in the price of a good leads to a 10 percent change in the quantity supplied,…

A: Elasticity of supply refers to Percentage change in quantity supplied with respect to Percentage…

Q: In Oxnard’s market for textbooks, if the price of textbooks goes up by 25% and the quantity demanded…

A: Given information, Percentage change in price: 25% Percentage change in quantity demanded: 75% To…

Q: supply is unit elastic and demand is inelastic

A: Demand generated by all the consumers/ individuals at given prices during a duration depicts demand.…

Q: The following graph shows two known points (X and Y) on a demand curve for oranges. 10 i i Demand 10…

A: The answer is given below

Q: If the cross-price elasticity of demand of two goods is negative, what are those two goods called?

A: Cross price elasticity of demand means the magnitude of change in the quantity demanded for a given…

Q: Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium…

A: Through the midpoint, we can calculate the elasticity of supply. The formula for the elasticity of…

Q: A supermarket reduces the price of its own brand of baked beans as a special offer for ane week…

A: Given:  Reduction in the price of own brand of baked beans by a Supermarket as a special offer for…

Q: Assume a straight line demand curve, what would happen to elasticity of demand if a consumer moves…

A: The straight line demand curve would be in two types. The demand curve is either parallel to…

Q: After Peter’s income increased from $100 to $200, his purchases of tuna fish decreased from 5 cans…

A: Income elasticity tells us that how much quantity demanded will change with the change in income of…

Q: Explain how price elasticity affects potential demand for a product.

A: ANS PED is a measure that gives us an idea about how the quantity (Q) demanded of a commodity change…

Q: If a fixed quantity of a good is available, and no more can be made, what is the price elasticity of…

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

Q: What is the Law of Diminishing Demand? Provide one example.

A: Demand is the quantity of good that the consumer is willing to buy at a given price and in a given…

Q: Tracey usually pays a price between $6 and $10 per pound of rice. Her monthly total expenditure on…

A: Answer: Answer: Introduction: Price elasticity of demand: it refers to the percentage change in…

Q: How will the elasticity of demand be affected in the following cases? A. More substitutes become…

A: A good price elasticity of demand is a proportion of how delicate the amount requested is to its…

Q: Explain in your own words what information the income elasticity of demand provides.   If a good is…

A: Note: You have uploaded two questions at a time. Hence, we shall answer only the first one for you.…

Q: )Finish the following sentence. A value of price elasticity of demand equal to 2 means that.... *…

A: The elasticity of demand is determined by factors like number of possible substitutes  and  nature…

Q: Suppose the income elasticity of demand for gadgets is 1.2 and the price elasticity of demand for…

A: Elasticity of demand/supply  refers to the percentage change in quantity demanded/supply  with the…

Q: Explain five categories of price elasticity of demand with the aid of appropriate diagrams.

A: Price Elasticity of demand  Price elasticity of demand measures the change in Consumption Quantity…

Q: What are the factors that influence the price elasticity of Demand?

A: Elasticity is a measure of how responsive a variable is to a change in another economic variable.…

Q: What is the elasticity of demand if the inverse curve of demand is P = (20 - 2Q)1/2 and 2 units are…

A: Given  Demand function: P=20-2Q1/2          .... (1) The formula for price elasticity of demand:…

Q: Why is  a more narrowly defined goods (pizza) likely to have a greater elasticity demand than a more…

A: Price elasticity of demand states the change in the quantity being purchased of a product with…

Q: A taco shop observes that when it increases the price of a taco, total revenue from taco sales…

A: Inelastic demand is a term used by economists to describe a situation where there is no change in…

Q: What are degrees of price elasticity of demand?

A: Answer to the question is as follows :

Q: What are the three determinants of the price elasticity of supply?

A: Supply is the amount of output that producers or sellers are willing to sell in the market at the…

Q: Ghose and Han (2014) found that the elasticity of demand for Google Play apps is -3.7.  This…

A: Elasticity of demand  Ed=-3.7Ed=% change in quantity demanded ∆qq×100% change in price ∆PP×100-3.7…

Q: What is the price elasticity of demand at any point on a perfectly inelastic demand curve?

A: The price elasticity of demand measures the percentage change in quantity demanded due to percentage…