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Author Question: Why is the supply of oil more price elastic in the long run? A) New deposits are found. B) ... (Read 9 times)

lunatika

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on: Jul 1, 2018
Why is the supply of oil more price elastic in the long run?
 
  A) New deposits are found.
  B) Better extraction technology is developed.
  C) Firms have the ability to change the amount of all inputs.
  D) All of the above.

Question 2

Electricity accounts for almost 20 of the cost of making steel. A 10 increase in electricity prices results in steel firms decreasing production and thereby demanding 5 less electricity. Over many years, technological innovations can change the way steel firms make steel and reduce the industry's energy requirements. This suggests that the steel industry's short-run elasticity of demand for electricity is probably
 
  A) less than one in absolute terms in the short run.
  B) less than its long-run elasticity of demand for electricity.
  C) Both A and B above.
  D) Neither A nor B above.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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jojobee318

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Reply #1 on: Jul 1, 2018
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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lunatika

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Reply 2 on: Jul 1, 2018
YES! Correct, THANKS for helping me on my review

atrochim

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

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