This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Given that elasticity of supply changes over time, in the short run an increase in demand will generally cause (Read 40 times)

olsonmanny@gmail.com

  • Full Member
  • ***
  • Posts: 141
on: Oct 12, 2022

Question 1

Suppose a decrease in world demand for potash (used in the production of fertilizer) decreases the price from $400 per tonne to $240 per tonne. Annual Canadian production decreases from 12 million tonnes to 8 million tonnes. What is the elasticity of supply of Canadian potash?
◦ 0.4
◦ 1.0
◦ 0.75
◦ 0.8
◦ 1.25

Question 2

Given that elasticity of supply changes over time, in the short run an increase in demand will generally cause
◦ the price to rise above its long-run equilibrium value.
◦ both price and quantity exchanged to rise above their long-run equilibrium values.
◦ supply to change.
◦ the price to rise to a level below its long-run equilibrium value.
◦ the quantity exchanged to rise above its long-run equilibrium value.
Microeconomics ¦ Ragan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by olsonmanny@gmail.com on Oct 12, 2022

khudija

  • Full Member
  • ***
  • Posts: 171
Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 64% of students answer this correctly


olsonmanny@gmail.com

  • Member
  • Posts: 141
Reply 2 on: Oct 12, 2022
:D TYSM

Jsherida

  • Member
  • Posts: 314
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

According to the Migraine Research Foundation, migraines are the third most prevalent illness in the world. Women are most affected (18%), followed by children of both sexes (10%), and men (6%).

Did you know?

Excessive alcohol use costs the country approximately $235 billion every year.

Did you know?

The largest baby ever born weighed more than 23 pounds but died just 11 hours after his birth in 1879. The largest surviving baby was born in October 2009 in Sumatra, Indonesia, and weighed an astounding 19.2 pounds at birth.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Principles of time management Principles of time management
IPCC Temperature Increase Predictions Relative to 1986-2005 IPCC Temperature Increase Predictions Relative to 1986-2005
Suppose a country imports televisions. The country's supply and demand curves are shown in ... Suppose a country imports televisions. The country's supply and demand curves are shown in ...
A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ... A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ...
Surtsey, a volcanic island, during the time of its formation. Surtsey, a volcanic island, during the time of its formation.
Time Line for Life’s Origin and Evolution Time Line for Life’s Origin and Evolution
Video: Cataract

For a complete list of videos, visit our video library