Question
13. How much is the price elasticity of supply if the supply curve is vertical?



14. Consider the demand for good E. If the number of substitutes for good E decreases, will the demand become more elastic?

15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the price of erasers decreases from $2.5 to $1 using the midpoint method.
Price of Erasers Quantity Demanded Quantity Demanded
of Erasers of Pencils

$.50   10   12
$1.00 8   11
$1.50 7   10
$2.00 6 9
$2.50 5 8




16. Consider the following table. Suppose quantity supplied increases by 30 for every price level. Find the new equilibrium price.
Price Quantity    Quantity
Demanded Supplied

$10.00 10   100
$8.00 20    80
$6.00 30    60
$4.00 40    40
$2.00 50 20
$0.00 60 0
  

@ 94% Times New Rome 14 BIU A... 13. How much is the price elasticity of supply if the supply curve is vertical? 14. Consider
0 0
Add a comment Improve this question Transcribed image text
Answer #1

As per HOMEWORKLIB RULES in case of multiple questions only the first question is to be answered

Kindly ask rest of the questions in a separate post

13.

Price elasticity of supply refers to the degree of responsiveness of change in quantity supplied of a good due to change in the price of a good.

A vertical supply curve represents a perfectly inelastic supply curve, which means any change in price will have 0 impact on the quantity supplied of the good.

This means price elasticity of supply would be 0

Add a comment
Know the answer?
Add Answer to:
13. How much is the price elasticity of supply if the supply curve is vertical? 14....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 14. Consider the demand for good E. If the number of substitutes for good E decreases,...

    14. Consider the demand for good E. If the number of substitutes for good E decreases, will the demand become more elastic? | 8:30 CH Th 5 30 thg 989% Times New Roma 14 Bių A. I 14. Consider the demand for good E. If the number of substitutes for good E decreases, will the demand become more elastic? Page 3 of 8 15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the price...

  • 12. Consider the following graph which shows the market for laptops. Give one possible scenario such...

    12. Consider the following graph which shows the market for laptops. Give one possible scenario such that demand curve shifts from D to Dz. P 0 13. How much is the price elasticity of supply if the supply curve is vertical? 14. Consider the demand for good E. If the number of substitutes for good E decreases, will the demand become more elastic? 15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the price...

  • 15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the...

    15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the price of erasers decreases from $2.5 to $1 using the midpoint method. 8:31 CH Th 6 30 thg 7 @ 88% Calibri Regular (T 11 в ц А. 4 15. Refer to the accompanying table, calculate the price elasticity of demand for erasers if the nrice of eracers decreases from $2 5 to $1 using the midpoint method. Price of Quantity Demanded Quantity Demanded...

  • 25) What is measured by the price elasticity of supply? A) The price elasticity of supply...

    25) What is measured by the price elasticity of supply? A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. B) The price elasticity of supply measures how responsive producers are to changes in income. C) The price elasticity of supply measures how responsive producers are to changes in the price of a product. D) The price elasticity of supply is a measure of the slope of the supply curve. E)...

  • 1. Consider the following figure. If a price ceiling of $180 is imposed, how much is...

    1. Consider the following figure. If a price ceiling of $180 is imposed, how much is the quantity demanded? Also, calculate the amount of shortage. 2. Consider the following figure. Tax is levied on sellers. Find an expression for the tax burden on buyers. Also, find the areas that represent DWL. 3. Refer to the following table. The price of erasers increases from $1.50 to $2.00 per eraser. Using the midpoint method, what is the cross-price elasticity of demand between...

  • Microeconomics Chapter 4: Consumer and Producer Surplus Flashcards | Quizlet is backward bending. Question 7 0.2...

    Microeconomics Chapter 4: Consumer and Producer Surplus Flashcards | Quizlet is backward bending. Question 7 0.2 Refer to the accompanying table to answer the following questions Price of Erasers $.50 $1.00 $1.50 $2.00 $2.50 Quantity Demanded of Erasers Quantity Demanded of Pencils 12 10 8 7 6 10 The price of erasers increases from $0.50 to $1.00 per eraser. Using the midpoint method, what is the cross-price elasticity of demand between pencils and erasers? 0.13 0-3 7.67 0.13 0.2 pts...

  • Please help with these questions: Question 23 0.2 pts Refer to the accompanying table to answer...

    Please help with these questions: Question 23 0.2 pts Refer to the accompanying table to answer the following questions. Price of Quantity Demanded Quantity Demanded Erasers of Erasers of Pencils $.50 10 $1.008 1.50 7 $2.006 $2.505 12 10 The price of erasers increases from $0.50 to $1.00 per eraser. Using the midpoint method, what is the cross-price elasticity of demand between pencils and erasers? 7.67 O 0.13 7.67 -0.13 Question 24 0.2 pts What good is most likely to...

  • 9. Suppose you calculate the price elasticity of demand for a certain good and you report...

    9. Suppose you calculate the price elasticity of demand for a certain good and you report that the elasticity 18 V.O. The fact that the elasticity is a positive number means that a. when the price of the good increases, the quantity demanded increases in response. b. demand for the good is elastic. c. you have dropped the minus sign and reported the absolute value of the elasticity d. the good has close substitutes and/or the good is a luxury....

  • Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True...

    Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...

  • Microeconomics question 1. Price elasticity of supply and price elasticity of demand are likely to be...

    Microeconomics question 1. Price elasticity of supply and price elasticity of demand are likely to be __________ in the __________ than in the __________. Select one: a. higher; short run; long run b. lower; long run; short run c. higher; long run; short run d. lower; past; future e. higher; past; future 2. If demand for a product is perfectly inelastic, a tax of $1 per unit imposed on sellers will Select one: a. not affect the market price of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT