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Author Question: If the supply curve for orange juice is estimated to be Q = 40 + 2p, then A) supply is price ... (Read 62 times)

hbsimmons88

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on: Jul 1, 2018
If the supply curve for orange juice is estimated to be Q = 40 + 2p, then
 
  A) supply is price elastic at all prices.
  B) supply is price inelastic at all prices.
  C) supply is elastic only at prices below 20.
  D) No general statements about price elasticity of supply can be made.

Question 2

If the supply curve for orange juice is estimated to be Q = 40 + 2p, then, at a price of 2, the price elasticity of supply is
 
  A) .01.
  B) .09.
  C) 1.
  D) 11.
Microeconomics ¦ Perloff ¦ 8th Edition
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joneynes

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

B

Answer to Question 2

B


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hbsimmons88

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Reply #2 on: Jul 1, 2018
Thank you :)


joneynes

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Reply #3 on: Jul 1, 2018
Happy to help you


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