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 63 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
Wow, this really help

bitingbit

  • Member
  • Posts: 323
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

Chronic marijuana use can damage the white blood cells and reduce the immune system's ability to respond to disease by as much as 40%. Without a strong immune system, the body is vulnerable to all kinds of degenerative and infectious diseases.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Nerves can transmit many signals at the same time Nerves can transmit many signals at the same time
Time Estimates for Specific Office Procedures Time Estimates for Specific Office Procedures
Magnitude of Geologic Time Magnitude of Geologic Time
Disitive Time For Fish Disitive Time For Fish
Blood Supply to the Lungs Blood Supply to the Lungs
A time map of the genes studied in the experiment A time map of the genes studied in the experiment
Video: Power Supply Polyacrylamide Gel Protein Sample

For a complete list of videos, visit our video library