Compute coefficient of price elasticity for goldsboro supply

Assignment Help Microeconomics
Reference no: EM13209703

What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Golds- boro's supply. Is its supply elastic, or is it inelastic?

Reference no: EM13209703

Questions Cloud

Debts and liabilities of the partnership : Advise Nicola on the advantages and disadvantages of incorporating. If you recommend incorporation, what form of incorporation would be the most appropriate? Why?
State solution of potassium benzoate : What mass of potassium benzoate is needed to prepare one liter of a 0.135M solution of potassium benzoate?
Probability that student is both senior-english major : Suppose that a certain college class contains students. Of these, are seniors, are English majors, and are neither. A student is selected at random from the class.
Explain how many isomers including stereoisomers : How many isomers, including stereoisomers, exist for the triacylglercerol which, on saponification, gives 2 molar equivalents of palmitate and 1 molar equivalent of stearate?
Compute coefficient of price elasticity for goldsboro supply : What is the formula for measuring the price elasticity of supply Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes.
Compute the molar concentration of co2 : Calculate the molar concentration of CO2 for a sample that has a pH of 6.220 and a HCO -3 concentration of 0.0020 M. For carbonic acid pKa1=6.33 and pKa2=10.35.
Is demand elastic or inelastic over the price range : Danny "Dimes" Donahue is a neighborhood's 9-year old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.50 each, he sells 100. At a price of $1.00 each, he sells 300.
What are some ways in which american society is stratified : What are some ways in which American society is stratified? What do you think the affect is on society when groups are stratified? This is a debate question that our SOC 120 is currently being discussed how would you answer this??
State what is the synthesis for simple organic precursors : What is the synthesis for the following compunds from simple organic precursors? Important Using original syntheses, not from published works.

Reviews

Write a Review

Microeconomics Questions & Answers

  What would be your first actions before offering advice

the president and chief executive officer of a family owned manufacturing firm with assets of $45 million. The company articles of incorporation and state law place no restrictions on the sale stock to outsiders. An unexpected opportunity to expan..

  Firm estimated predicted hours worked

You have been tasked by your boss to forecast what hours of work through your workers would be following a proposed increase. you have had a flexible policy of workers selecting their hours

  Compare the consumer surplus with producer surplus

Compare the consumer surplus, producer surplus, and total surplus in this condition to those same measures in a perfectly competitive market.

  Relation btwn marginal product of labor and marginal cost

When the firm increases labor input, which of the following is correct about the relationship between marginal product of labor and marginal cost? Answer If marginal product is increasing, marginal cost will be decreasing. Marginal cost is equal t..

  Describe the four supply factors of economic growth

Which of the Supply Factors do YOU believe will be most important for the future growth of the U.S. economy? WHY? Briefly explain what we mean by labor productivity. What is its most important determinant?

  Explain pricing strategy

If Bayer is currently making normal profits on most of the products in its product line, but is making pure profits on its new Alka-Seltzer Plus with decongestant, what should Bayer do to increase its profits?

  Find an analytical expression for the maximum correlation

Consider a portfolio of three assets (A,B,C). Denote the expected returns on each asset as rA; rB; rC, respectively. Denote variances and covariance similarly. Suppose the investor will accept a maximum portfolio variance of X.

  Evaluate the equilibrium price and quantity

Find the equilibrium price and quantity traded and illustrate the equilibrium on a diagram (assuming there are no taxes or subsidies, and the notation is the same as that in question 2).

  What price to ask for well kept house in a growing neighbour

your grandmother heard you were studying economic and decided to make use of your knowledge. she is selling her house and wants to know what price to ask for her well kept house in a growing neighborhood you need more information; what did it cost..

  Calculate the change in welfare compared to the free market

Calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?

  Describe the effects on the price of a recordable cd

What is the effect on the price of a recordable CD and the quantity of recordable CDs sold if a. The price of an MP3 download rises? b. The price of an iPod falls? c. The supply of CD players increases?

  What is the cost basis of the new molding machine

You purchased a new molding machine for $155,000 by trading in a similar machine that had a book value of $18,000. Assuming that the trade in allowance was $20,000 and that $85,000 cash was paid for the new asset, what is the cost basis of the ne..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd