The table below gives part of the supply schedule for personal computers in the United States. Price Quantity Supplied before tech change $1,100 12,000 $900 8,000 a) Calculate the price elasticity of supply when price rises from $900 to $1,100 using the arc elasticity formula (the midpoint method).  b)  Now suppose that technology changes such that at every price, 1000 more computers are supplied.   Now, as prices rise from $900 to $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? Price Quantity Supplied after tech change $1,100 13,000 $900 9,000 c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.

What is the formula for measuring the price elasticity of supply? Es = (Click to select)percentage change in quantity supplied / percentage change in pricepercentage change in quantity demanded / percentage change in incomepercentage change in quantity demanded / percentage change in price Suppose the price of apples goes up from $20 to $23 a box. In direct response, Goldsboro Farms supplies 1300 boxes of apples instead of 1200 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro’s supply. Instructions: Round your answer to two decimal places. Es = Is its supply elastic, or is it inelastic? Supply is (Click to select)elasticinelastic.

Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 29.0. When the price is $7.75, the quantity supplied of motorcycles is 65.0 and the quantity supplied of pancakes is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.

George has been selling 7,000 T-shirts per month for $7.00. When he increased the price to $9.00, he sold only 6,000 T-shirts. Which of the following best approximates the price elasticity of demand? -0.6769   -0.6154   -0.3077   -0.5538     Suppose George's marginal cost is $4 per shirt. Before the price change, George's initial price markup over marginal cost was approximately    . George's desired markup is    .   Since George's initial markup, or actual margin, was   than his desired margin, raising the price was

According to data from the U.S. Department of Energy, sales of the fuel-efficient Toyota Prius hybrid fell from 194,108 vehicles sold in 2014 to 180,603 in 2015. Over the same period, according to data from the U.S. Energy Information Administration, the average price of regular gasoline fell from $3.36 to $2.43 per gallon. Using the midpoint method, calculate the cross-price elasticity of demand between Toyota Priuses and regular gasoline. According to your estimate of the cross-price elasticity, are the two goods complements or substitutes? Does your answer make sense?

Answer the question using the 3 -step approach 2. Due to Covid 19, there has been a major delay with the shipping lines causing an increase in shipping costs for major retailerShipping cost is a major cost component for shea products. How will Covid affect the supply and demand for Shea products? 3. A 12 % increase in the price of fuel reduces the quantity of fuel demanded by 3 %. What is the price elasticity of demand for fuel?What can you say about elasticity?

According to what you've learned about the price elasticity of demand, do you think that education in community colleges has an elastic or inelastic demand? Why? Explain your answer

If price elasticity of supply of a good = 1.45 , how do you interpret this? If price elasticity of supply of a good = 0.45 , how do you interpret this? If price elasticity of supply of a good = 1.00 , how do you interpret this?

If the price of product X increases from $10 to$12, the quantity demanded for gasoline (X) will fall from 100 to 82 and the quantity demanded for product Y also fall from 90 to 63 but the quantitydemanded for product Z will increases from 50 to76. a.What is price elasticity of demand for X?b.What is cross-price elasticity of demand for Ywith respect to price X? What are X and Y?c.What is cross-price elasticity of demand for Zwith respect to price X? What are X and Z?

Suppose that business travelers and tourists have the following demand for airlinetickets from Lahore to Karachi.price Quantity demanded(business travelers) Quantity demanded(tourists)$150 2100 1000200 2000 800250 1900 600300 1800 400As the price of ticket rises from $200 to $300, what is the price elasticity of demand for (i) Business travelers(ii) Tourists(Use the midpoint method in your calculations.)