Author Question: FIGURE 4-3Refer to Figure 4-3, which shows a demand shift and the short-run and long-run supply ... (Read 23 times)

wqwpfwpoefnpwenf · **on:** Oct 12, 2022

Question 1

Suppose an increase in demand for web-design service in Canada increases the price from $110 per hour to $140 per hour and hours of service delivered increases from 350 000 hours to 650 000 hours. What is the elasticity of supply for this service?
◦ 2.3
◦ 4.4
◦ 0.23
◦ 2.5
◦ 0.4

Question 2

FIGURE 4-3

Refer to Figure 4-3, which shows a demand shift and the short-run and long-run supply curves for some good. The diagram illustrates the general principle that

◦ supply is more elastic in the long run.
◦ demand is more elastic in the long run.
◦ both demand and supply are less elastic in the long run.
◦ supply is less elastic in the long run.
◦ demand is less elastic in the long run.

mllong · **Reply #1 on:** Oct 12, 2022

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