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Author Question: Refer to Scenario 3 . What is the maximum potential increase in coconut production and maximum ... (Read 170 times)

viki

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on: Jun 29, 2018
Refer to Scenario 3 . What is the maximum potential increase in coconut production and maximum potential increase in hut production described in the previous question?
 
  What will be an ideal response?

Question 2

Is demand more elastic in the short run or the long run? Why?
 
  What will be an ideal response?


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Expo

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The maximum potential increase in production is either one more hut or 25 more coconuts.

Answer to Question 2

Demand is generally more elastic in the long run. In the long run, people have time to make adjustments to changes in price and find alternative products.


viki

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

kjohnson

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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