💬 👋 We’re always here. Join our Discord to connect with other students 24/7, any time, night or day.Join Here!
Get the answer to your homework problem.
Try Numerade free for 7 days
Like
Report
The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?
11So, the elasticity is expected to be exactly same in both the cases 1 and 2 because percentagechange in quantity and price are same in both cases.
No Related Courses
Chapter 5
Elasticity
How Markets Work
Markets and Welfare
03:32
The equation for a demand …
0:00
The equation for a supply …
01:19
03:17
Given the demand curve $p=…
02:16
Elasticity of demand was d…
03:22
Elasticity Find the elasti…
05:35
A supply curve has equatio…
04:38
A demand curve is given by…
01:42
01:22
Find the consumer surplus …
03:45
02:30
Suppose the cross-price el…
04:35
The demand for a product i…
02:18
Supply and Demand Suppose …
02:11
Suppose a single-price mon…
03:03
01:34
The elasticity of a good i…
03:41
Find (a) the elasticity of…
01:11
What is the price elastici…
06:21
So this question we have the equation for a time. Speak was cute, and this is the elasticity of supply. So price 10 years from 3 to 4 and from 7 to 8. What is your assisting? So they're too wasted to this one. Is this calculating elasticity? If we use the midpoint formula, okay, for the first, we need to find out what the quantity is for each price level. So we plug in three. We find that we get a quantity of 12 plugging before we get the quantity. A 16. And we did the same thing for seven and eight and we'll get quantities 28 32. Now, listen. If you see midpoint formula, weaken Just looking first for 3 to 4. We plug in, 16 ask you to. So we say this is cute, too. And this is Cuba. So we calculate that and price again price gonna go from 4 to 3 and we get the president's insidious one. Okay. And we give you the same thing for 7 to 8. But we would find that it's again one. How do we know that just because this equation that were given here is a straight line. So for each Christ, quantity increases by four. So if prices one, one that is gonna be good to four and then ate and so on and so forth you will get a straight line and as we know the supplying a straight lines a platter me into taking it elastic supply curve. Now, since that is the case, we know that equal increase. So from 3 to 4 from 7 to 80 for me to nine from 5 to 6 will have the same elasticity asked going from 34
View More Answers From This Book
Find Another Textbook
The equation for a demand curve is P = 2/Q. What is the elasticity of demand…
The equation for a supply curve is P = 3Q – 8. What is the elasticity in mov…
The equation for a demand curve is P = 48 – 3Q. What is the elasticity in mo…
Given the demand curve $p=35-q^{2}$ and the supply curve $p=3+q^{2},$ find t…
Elasticity of demand was discussed in Chapter 14 on Applications of the Deri…
Elasticity Find the elasticity of demand (E) for the given demand function a…
A supply curve has equation $q=4 p-20,$ where $p$ is price in dollars. A $\$…
A demand curve is given by $ p = \frac{450}{(x + 8)} $. Find the consumer su…
Find the consumer surplus for the demand curve $p=$ $100-4 q$ when $q^{*}=10…
Elasticity Find the elasticity of demand $(E)$ for the given demand function…
Suppose the cross-price elasticity of apples with respect to the price of or…
The demand for a product is given by $p=90-10 q .$ Find the elasticity of de…
Supply and Demand Suppose that the supply function for honey is $p=S(q)=0.3 …
Suppose a single-price monopoly's demand curve is given by $P=20-4 Q,$ …
Find the consumer surplus for the demand curve $p=$ $100-3 q^{2}$ when $q^{*…
The elasticity of a good is $E=2 .$ What is the effect on the quantity deman…
Find (a) the elasticity of demand and (b) the range of prices for which the …
What is the price elasticity of supply? Can you explain it in your own words…
A demand curve is given by $75 p+50 q=300,$ where $p$ is the price of the pr…
01:28
Think about the backward-bending part of the labor supply curve. Why would s…
01:56
Does a price floor attempt to make a price higher or lower?
01:15
If demand is inelastic, will shifts in supply have a larger effect on equili…
02:02
The average annual income rises from $25,000 to $38,000, and the quantity of…
Continuing from Exercise $7.1,$ the firm's factory sits on land owned b…
02:10
Does a price ceiling increase or decrease the number of transactions in a ma…
03:59
During a discussion several years ago on building a pipeline to Alaska to ca…
01:13
If two painters can paint 200 square feet of wall in an hour, and three pain…
02:50
If Congress reduced the period of patent protection from 20 years to 10 year…
02:49
Draw the demand curve, marginal revenue, and marginal cost curves from Figur…
