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Author Question: Explain why short-run demand for frozen fish sticks may be more price elastic in the short run than ... (Read 40 times)

student77

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on: Jul 1, 2018
Explain why short-run demand for frozen fish sticks may be more price elastic in the short run than in the long run.
 
  What will be an ideal response?

Question 2

Explain whether you would expect the elasticity of supply to be highly elastic or inelastic for fresh cut flowers and why.
 
  What will be an ideal response?
Microeconomics ¦ Perloff ¦ 8th Edition
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sierramartinez

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Reply #1 on: Jul 1, 2018
Answer to Question 1

Frozen fish sticks can be stored. If frozen fish sticks go on sale you can buy large quantities and store them in your freezer. Thus, you may be more sensitive to price changes in the short run.

Answer to Question 2

The elasticity of supply is very inelastic for fresh cut flowers. These flowers are perishable and quickly become worthless. The seller will accept almost any market price.


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