This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Given that elasticity of supply changes over time, in the short run an increase in demand will generally cause (Read 57 times)

olsonmanny@gmail.com

  • Full Member
  • ***
  • Posts: 141
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
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

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

khudija

  • Full Member
  • ***
  • Posts: 171
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.
Answer Preview
Only 64% of students answer this correctly


olsonmanny@gmail.com

  • Member
  • Posts: 141
Reply 2 on: Oct 12, 2022
Wow, this really help

ricroger

  • Member
  • Posts: 352
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

The first oncogene was discovered in 1970 and was termed SRC (pronounced "SARK").

Did you know?

Asthma is the most common chronic childhood disease in the world. Most children who develop asthma have symptoms before they are 5 years old.

Did you know?

The Food and Drug Administration has approved Risperdal, an adult antipsychotic drug, for the symptomatic treatment of irritability in children and adolescents with autism. The approval is the first for the use of a drug to treat behaviors associated with autism in children. These behaviors are included under the general heading of irritability and include aggression, deliberate self-injury, and temper tantrums.

Red-bellied short-necked turtle Red-bellied short-necked turtle
Men and women work the same number of hours a week, but men spend more time on paid work, and women ... Men and women work the same number of hours a week, but men spend more time on paid work, and women ...
The demand for cheap coal to generate electrical power is rising The demand for cheap coal to generate electrical power is rising
Who's Policing the Food Supply? Who's Policing the Food Supply?
Effect of an Increase in Technological Progress Effect of an Increase in Technological Progress
The time spent in each interval of one complete cell cycle of a human cell in culture The time spent in each interval of one complete cell cycle of a human cell in culture
Video: Ionic bonds - role of ions in the body

For a complete list of videos, visit our video library