Which of the following is likely to have the most inelastic price elasticity of supply? Group of answer choices Almond Butter Peach tree orchards in the long run iPhones Peach tree orchards in the short

Which of the following is likely to have the most inelastic price elasticity of supply? Group of answer choices Almond Butter Peach tree orchards in the long run iPhones Peach tree orchards in the short

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section5.2: The Elasticity Of Supply

Problem 2QQ: Define the price elasticity of supply. Explain why the price elasticity of supply might be...

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Charles loves Mello Yello and will spend 10 per week on the product no matter what the price. What is his price elasticity of demand for Mello Yello?
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Suppose the accompanying table contains data on how many Veggie Delite sandwiches Subway is willing to sell each day at two different prices. Calculate the daily price elasticity of supply when the price increases from $5.00 to $7.50. Please round to the nearest hundredth. Price(per sandwich) Quantity supplied(sandwiches per day) $5.00 200,000 $7.50 210,000 a. Daily price elasticity of supply for Veggie Delite sandwiches = b. The daily price elasticity of supply for Veggie Delite sandwiches is relatively Elastic or Inelastic Now consider how responsive Subway’s supply of Veggie Delite sandwiches is to changes in price on an annual basis instead of a daily basis. c. Compared to the daily value, the annual price elasticity of supply for Veggie Delite sandwiches is likely to be more Inelastic or Elastic and the annual supply curve is likely Flatter or Steeper to be than the daily supply curve.
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A department store has estimated the demand curve for a popular brand of women’s dress shoes as a function of price. Use the table to answer the question that follow. Points Price per pair Dress shoe sales per week A RO 18 100 B RO 15 200 C RO 12 300 D RO 9 400 E RO 6 500 F RO 3 600 Calculate demand elasticity between points A and B, between points C and D, and between points E and F. If the store currently charges a price of RO12, then increases the price to RO15, what happens to total revenue from shoe sales?