Long run demand elasticity for almonds

Assignment Help Microeconomics

Reference no: EM13104996

Researchers have estimated the long run demand elasticity for almonds is -0.47, and the long run supply elasticity is 12.0. The short run demand elasticity for almonds is -0.30, and the short run supply elasticity is 0.5. The government is considering a tax on almonds. What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.

Reference no: EM13104996

Questions Cloud

Confidence interval and sample size calculation problems : By measuring the amount of time it takes a component of a product to move from one workstation to the next, an engineer has estimated that the standard deviation is 3.22 seconds.

Describe important objectives for mne : Can you give an example of successfully using one of the common international compensation approaches - Balance Sheet, Negotiation, Localization, Lump Sum, or Cafeteria?

Maximum error of estimate and confidence level : A confidence interval estimate for the population mean is given to be (41.16, 49.85). If the standard deviation is 16.290 and the sample size is 54, answer each of the following (show all work):

Final exams are normal distribution : In a large section of statistics class, the points for the final exams are normally distributed with a mean of 72 and a standard deviation of 9. Grades are to be assigned according to the following rule.

Long run demand elasticity for almonds : What share will be paid by the consumer in the long run? How about the short run? Provide some intuition for why these are different.

Finding the confidence interval for poll or survey results : Quality Progress, Feburary 2005, reports on the results achieved by Bank of America in improving customer satisfaction and customer loyalty by listening to the "voice of the customer".

Estimate the economic production quantity : Race One Motors is an Indonesian car manufacturer. At its largest manufacturing facility, in Jakarta, the company produces subcomponents at a rate of 300 per day.

What are the biggest threats to monopolistic profits : Does it appear that widgets would be a luxury good or necessity IF they sol at the perfectly competitive equilibrium (which they don't), and why?

What is the dog''s acceleration : A dog chasing a ball starts at rest and accelerates uniformly over a distance of 5 meters. It takes the dog 1 s to cover that first 5 m. What is the dog's acceleration, and what speed is the dog traveling when it reaches the 5 m point?

User Account

All Pages