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Author Question: Given that elasticity of supply changes over time, in the short run an increase in demand will generally cause (Read 62 times)

olsonmanny@gmail.com

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

khudija

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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.
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olsonmanny@gmail.com

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review

Perkypinki

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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