# 3. Consider a perfectly inelastic supply curve at q = 1,013, and a perfectly elastic demand... related homework questions

• #### Supply is Demand is Scenario A elastic elastic Scenario B elastic inelastic Scenario C inelastic elastic Scenario D inelastic inelastic Which scenario describes the market for oil in the long run

Supply is Demand isScenario A elastic elasticScenario B elastic inelasticScenario C inelastic elasticScenario D inelastic inelasticWhich scenario describes the market for oil in the long run? A. A B. B C. C D. D

• #### The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement... The perfectly competitive firm's demand curve is: Perfectly elastic. Relatively elastic Perfectly inelastic. Relatively inelastic Statement 1: In the long run, firms in a monopolistically competitive industry will be producing that quantity that maximize social surplus. Statement 2: In the long run, firms in a monopolistically competitive industry will be producing at the minimum of its ATC curve. Statement (1)...

• #### 3. Consider a perfectly inelastic supply curve at q = 1,013, and a perfectly elastic demand... 3. Consider a perfectly inelastic supply curve at q = 1,013, and a perfectly elastic demand curve at p = 101. A subsidy of \$5 per unit is given to producers. Using a diagram, explain how the subsidy is shared between consumers and producers. What is the Deadweight Loss? (30%)

• #### 5) A monopolist faces A) a perfectly elastic demand curve. B) a perfectly inelastic demand curve.... 5) A monopolist faces A) a perfectly elastic demand curve. B) a perfectly inelastic demand curve. C) a horizontal demand curve. D) a downward-sloping demand curve. E) declining market share. 6) Which one of the following about a monopoly is false? A) A monopoly could make profits in the long run B) A monopoly could break even in the long...

• #### Derived demand refers to a) demand curves derived from utility functions b) an individual demand curve estimated from a market demand curve c) a market demand curve estimated from individual demand curves d) demand for a resource derived from the demand

1. 1. Derived demand refers to a) demand curves derived from utility functionsb) an individual demand curve estimated from a market demand curvec) a market demand curve estimated from individual demand curvesd) demand for a resource derived from the demand for the product produced by that resourcee) demand for a product derived from the demand for the resource used to...

• #### Derived demand refers to a) demand curves derived from utility functions b) an individual demand curve estimated from a market demand curve c) a market demand curve estimated from individual demand curves d) demand for a resource derived from the demand

1. 1. Derived demand refers to a) demand curves derived from utility functionsb) an individual demand curve estimated from a market demand curvec) a market demand curve estimated from individual demand curvesd) demand for a resource derived from the demand for the product produced by that resourcee) demand for a product derived from the demand for the resource used to...

• #### Derived demand refers to a) demand curves derived from utility functions b) an individual demand curve estimated from a market demand curve c) a market demand curve estimated from individual demand curves d) demand for a resource derived from the demand

1. 1. Derived demand refers to a) demand curves derived from utility functionsb) an individual demand curve estimated from a market demand curvec) a market demand curve estimated from individual demand curvesd) demand for a resource derived from the demand for the product produced by that resourcee) demand for a product derived from the demand for the resource used to...

• #### Derived demand refers to a) demand curves derived from utility functions b) an individual demand curve estimated from a market demand curve c) a market demand curve estimated from individual demand curves d) demand for a resource derived from the demand

1. 1. Derived demand refers to a) demand curves derived from utility functionsb) an individual demand curve estimated from a market demand curvec) a market demand curve estimated from individual demand curvesd) demand for a resource derived from the demand for the product produced by that resourcee) demand for a product derived from the demand for the resource used to...

• #### A monopoly has A. A perfectly elastic demand curve B. A perfectly elastic supply curve C....

A monopoly has A. A perfectly elastic demand curve B. A perfectly elastic supply curve C. An inelastic demand curve D. less elastic demand curve than a competitive firm

• #### explain elastic demand , inelastic demand and unit elastic demand with curve and example for each

explain elastic demand , inelastic demand and unit elastic demand with curve and example for each

• #### 4. Consider a perfectly elastic supply curve, at p = 10, along with a perfectly inelastic...

4. Consider a perfectly elastic supply curve, at p = 10, along with a perfectly inelastic demand curve, at q = 103. Calculate the Consumer Surplus and the Producer Surplus in this market. Show your work. (10%)

• #### (4.0 pts) What would be the shape of the supply curve for foreign currency if the supply curve for exports is perfectly price inelastic? Explain and use graphs to derive the supply of foreign currenc...

(4.0 pts) What would be the shape of the supply curve for foreign currency if the supply curve for exports is perfectly price inelastic? Explain and use graphs to derive the supply of foreign currency.

• #### Understand the price elasticity of demand formula 2. Draw a perfectly elastic and perfectly inelastic demand...

Understand the price elasticity of demand formula 2. Draw a perfectly elastic and perfectly inelastic demand curve and label each 3. Be able to identify whether demand is elastic or inelastic given changes in quantity and price 4. Be able to calculate percentage change using the midpoint formula and be able to apply it to calculate the price elasticity of...

• #### If the demand curve shifts but supply curve doesn't & price remains the same supply must be perfectly inelastic

If the demand curve shifts but supply curve doesn't & price remains the same supply must be perfectly inelastic?a. Trueb. False

• #### The demand curve faced by the individual perfectly competitive firm is: a. perfectly elastic. b. perfectly...

The demand curve faced by the individual perfectly competitive firm is: a. perfectly elastic. b. perfectly inelastic. c. unit elastic. d. elastic or inelastic depending on price.

• #### 4. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good. w... 4. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good. w 140ー- 140一 Lu 70-L--+ 50一一 Z 20m- Demand QUANTITY (Units) 2 4 +--Lil 21 Q X LILI (1jun」ad sie-log) 30-yd

• #### 2. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good 140一-... 2. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good 140一- 70一一し--+(28, 50 ) Demand 0 8 20 28 56 QUANTITY (Units) For each region on the graph given in the following table, use the midpoint method to identify whether the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Elastic Inelastic...

• #### 4. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good 70-... 4. Elastic, inelastic, and unit-elastic demand The following graph shows the demand for a good 70- 50 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. Region Between W and X。 Between Y and Z。 Between X and...

• #### 33. If the short-run supply curve for fresh fruit is perfectly inelastic and the demand curve... 33. If the short-run supply curve for fresh fruit is perfectly inelastic and the demand curve is a downward- sloping straight line, what is the effect of a per unit tax on equilibrium price and quantity, and what is the incidence on consumers? Why? Illustrate your answer with diagram.(9')

• #### Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic?... Consider the demand curve illustrated in the figure to the right. Is demand elastic or inelastic? O A. Demand is elastic at all prices above \$10.00 and inelastic at all prices below \$10.00. O B. Demand is inelastic at all prices above \$10.00 and elastic at all prices O C. Demand is elastic at all prices above \$12.00 and inelastic...

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