Zookal Homework Help

Homework Help

  1. Business
  2. Economics
  3. if a 2 change in price results in a 4...

Question: if a 2 change in price results in a 4...

Question details

If a 2% change in price results in a 4% change in quantity supplied, then the price elasticity of supply is about a. 0.5, and supply is elastic. b. 0.5, and supply is inelastic. c. 2, and supply is elastic d. 2, and supply is inelastic. 0.5, and supply is elastic. C 0.5, and supply is inelastic. C 2, and supply is elastic. C 2, and supply is inelastic.You are given the following data for equilibria in a given market for the years 2017 and 2018. Which is of the following pairs could explain this data? Year P* Q* 2017 $40/unit500 units 2018 $80/unit 500 units 1. Perfectly inelastic supply and increase in demand 2. Perfectly elastic supply and increase in demand 3. Perfectly inelastic demand and increase in supply 4. Perfectly elastic demand and increase in supply Perfectly inelastic supply and increase in demand Perfectly elastic supply and increase in demand Perfectly inelastic demand and increase in supply Perfectly elastic demand and increase in supplyLarry goes into a gas station. Before looking at the price, he places an order for gas. Larry says, ld ike 50 gallons of gas. What is Larrys price elasticity of demand for gasoline? 1. Perfectly inelastic demand 2. Perfectly elastic demand 3. Unit elastic demand 4. Need more information to answer this question. Perfectly inelastic demand Perfectly elastic demand Unit elastic demand Need more information to answer this question.Milk has an inelastic demand, and beef has an elastic demand. Suppose that a mysterious rise in bovine fertility increase both the population of dairy cows and the population of beef cattle by 30 percent. The equilibrium price will a. increase in both the milk and beef markets. b. increase in the milk market and decrease in the beef market. c. decrease in the milk market and increase in the beef market. d. decrease in both the milk and beef markets. increase in both the milk and beef markets increase in the milk market and decrease in the beef market. decrease in the milk market and increase in the beef market. decrease in both the milk and beef markets.

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution