Supplied per day in the long run if the price rises

Reference no: EM13685587

Currently, at a price of $0.5 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $0.5 to $1 is unit-elastic (E s = 1). In the long run, a price increase from $0.5 to $1 has an elasticity of supply of 1.5. (Hint: Apply the midpoints approach to the elasticity of supply.)

1. How many popsicles will be sold/supplied each day in the short run if the price rises to $1 each?

_________ Per day

2. How many popsicles will be sold /supplied per day in the long run if the price rises to $1 each?

__________ Per day

Reference no: EM13685587

Questions Cloud

Evaluate the magnitude of the peak voltage : An AC space heater uses an rms current of 12 Amp at an rms voltage of 120 Volt. Evaluate the magnitude of the peak voltage

Glass-steagall act initiated by the gramm-leach-bailey act : Do you believe that the repeal of many of the provisions of the glass-Steagall Act initiated by the Gramm-Leach-Bailey Act of 1999 was considered one of the primary and pertinent contributory factors leading to the 2008 financial downturn of the Grea..

Systems related to p&g business strategy : How are these systems related to P&G's business strategy?

Evaluate what the acceleration of the crate : A worker pushes a 50 kilogram crate along a horizontal floor by a force of 90 Newton at an angle of 240o with the positive x-axis. If the motion is in the x-direction, evaluate what the acceleration of the crate

Supplied per day in the long run if the price rises : Currently, at a price of $0.5 each, 200 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $0.5 to $1 is unit-elastic (E s = 1). In the long run, a price incre..

Write an equation for the frequency of pendulum : A sphere with mass (M) and radius (r) is placed down a rod at distance (R), the rod has a length (L) and a mass (m). Write an equation for the frequency of pendulum

Determine is the image erect or inverted : A converging lens with a focal length of 11.8 centimeter forms a virtual image 7.95 millimeter tall, 16.8 centimeter to the right of the lens. Determine is the image erect or inverted

Evaluate the velocity of the first ball after the collision : In a billiard game, one ball moving at 5 meter per second strikes a second ball, which is at rest. Evaluate the velocity of the first ball after the collision

Formulate an ip to help lotus point maximize profits : The Lotus Point Condo Project will contain both homes and apartments.

User Account

All Pages