Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $3.50 , and the equilibrium quantity is 29.0 . When the price is $11.75 , the quantity supplied of motorcycles is 57.0 and the quantity supplied of pancakes is 111.0 . For simplicity of analysis, the demand for both goods is the same.

Answers

Answer 1

Answer:

a. 1.08

b. Supply in the market for motorcycles is less elastic than supply in the market for pancakes.

Explanation:

Note: This question is not complete. The complete question is therefore provide before answering the question as follows:

Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $3.50 , and the equilibrium quantity is 29.0 . When the price is $11.75 , the quantity supplied of motorcycles is 57.0 and the quantity supplied of pancakes is 111.0 . For simplicity of analysis, the demand for both goods is the same.

a. Using the midpoint formula, calculate the elasticity of supply for pancakes? Please round to two decimal places.

b. Supply in the market for motorcycles is:

o. less elastic than supply in the market for pancakes.

o. More elastic than supply in the market for pancakes.

o. There is no enough information to tell which will have a higher elasticity.

o. The same elasticity as supply in the market for pancakes.

The explanation to the answers is now given as follows:

a. Using the midpoint formula, calculate the elasticity of supply for pancakes? Please round to two decimal places.

The elasticity of supply for pancakes can be calculated as follows:

Percentage change in quantity of pancakes supplied = ((New supply - Old supply) / ((New supply + Old supply) / 2)) * 100 = ((111 - 29) / ((111 + 29) / 2)) * 100 =  117.142857142857%

Percentage change in price of pancakes = ((New price - Old price) / ((New price + Old price) / 2)) * 100 = ((11.75 - 3.5) / ((11.75 + 3.5) / 2)) * 100 = 108.196721311475%

Therefore, we have:

Elasticity of supply of pancakes = Percentage change in quantity of pancakes supplied / Percentage change in price of pancakes = 117.142857142857% / 108.196721311475% = 1.08268398268398 = 1.08

Therefore, the elasticity of supply of pancakes is about 1.08. Note that since the price elasticity of demand of about 1.08 is greater than 1, it implies that the relationship between the quantity supplied and the price of pancakes is elastic.

b. Supply in the market for motorcycles is:

This can be determined by calculating the elasticity of supply for motorcycles and compare it with that of pancakes follows:

Percentage change in quantity of motorcycles supplied = ((New supply - Old supply) / ((New supply + Old supply) / 2)) * 100 = ((57 - 29) / ((57 + 29) / 2)) * 100 =  65.1162790697674%

Percentage change in price of motorcycles = ((New price - Old price) / ((New price + Old price) / 2)) * 100 = ((11.75 - 3.5) / ((11.75 + 3.5) / 2)) * 100 = 108.196721311475%

Therefore, we have:

Elasticity of supply for motorcycles = Percentage change in quantity of motorcycles supplied / Percentage change in price of motorcycles = 65.1162790697674% / 108.196721311475% = 0.601832276250881 = 0.60

Therefore, the elasticity of supply of motorcycles is about 0.60. Note that since the price elasticity of demand of about 0.60 is less than 1, it implies that the relationship between the quantity supplied and the price of motorcycles is inelastic.

Conclusion:

Based on the calculation above, supply in the market for motorcycles is less elastic than supply in the market for pancakes.

The reason is that the relationship between the quantity supplied and the price of pancakes is elastic but the relationship between the quantity supplied and the price of motorcycles is inelastic.


Related Questions

what is the importance of opportunity cost to an individual​

Answers

Answer:

Opportunity costs represent the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. The idea of opportunity costs is a major concept in economics. Because by definition they are unseen, opportunity costs can be easily overlooked if one is not careful. These are from my notes btw

Type the correct answer in the box. Spell all words correctly.
In which closing technique does a salesperson respond to a customer's question with a counter question to close the sale?
In a __________ close, a salesperson's objective is to respond to a customer's question with a counter question that might help close
In a
the sale quickly

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Answer:porcupine close

Explanation:

On page 23 of the Plato work

The advertising industry was worth how much money in 1920

Answers

Answer:

nearly 3 billon

Explanation:

Total advertising volume in the United States grew from about $200 million in 1880 to nearly $3 billion in 1920.

In which countries do people prefer discussing business during meals?​

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Hehs donee estable menudo

Why do you think the graphic designer might have a hard time seeing eye to eye with a copywriter. Help me please!!

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Answer:

A graphic designer focuses on the visual marketing of yhings/services. A copywriter sales with the power of words

ps: you should look up Dan Lok copywriting.

When people are injured in a car accident, they need an auto insurance representative to help them

A.file a claim
B.prepare a lawsuit
C.arrange for physical therapy
D.find a policy

Answers

Answer:

im pretty sure its A. file a claim

Explanation:

The answer:
A. File a claim

a entry to a liability account decreases the account balance

Answers

Answer:

Asset accounts. A debit increases the balance and a credit decreases the balance. Liability accounts. A debit decreases the balance and a credit increases the balance.

Explanation:

Imagine that you own a local fitness gym in your hometown called "U-Fit." You have done well over the last few years and have enough capital to acquire another hometown company, "Power Kore, " that makes nutritional protein shakes. Why would it be a good idea for you to undertake a vertical merger or acquisition of this sort?

Answers

Answer: to increase synergies and have more supply chain control.

Explanation:

A vertical merger is when two or more companies or organizations which are in charge of the provision of supply chain functions that are different merge for a common good.

The main idea behind the merger is to help increase synergies, reduce cost, increase efficiency and productivity and also for more control of the supply chain to be gained.

5 steps in developing a research instrument

Answers

Answer:

Explanation:

Step 1 – Locating and Defining Issues or Problems. ...

Step 2 – Designing the Research Project. ...

Step 3 – Collecting Data. ...

Step 4 – Interpreting Research Data. ...

Step 5 – Report Research Findings.

Answer:Step 1: locatingOr defining issues problems problems

Step 2: designing the research project

Step 3: collecting data

Step 4: interpreting research data

Step 5: Report research findings

Explanation: it is there as soon a u look it up ! Hope that helps

Magazines make most of their money from?

Answers

Answer:

advertisers

Explanation:

There are many Magazines that are published ion the market and becomes popular. Magazines make most of their money from advertiser.

Who is advertiser?

An advertiser is the institution, administration, or any person that pays for an advertising attribute or time to demonstrate a convincing promotion or content to the public. Magazines make most of their money from by the means of advertiser.

Therefore, advertiser advertises the content to the public to publish any information.

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What does it mean to have liability?

Answers

If you say that someone or something is a liability, you mean that they cause a lot of problems or embarrassment.

Identify the factors that would MOST LIKELY help a firm to increase production.

Investment in new
technology.
Hiring more employees.

An increase in demand.

Increased education of labor force.

A decrease in demand

Increase foreign competition.

Answers

Answer:

Investment in new technology.

Hiring more employees.

increased education of labor force.

Explanation:

At the micro-economic level, the following factors would MOST LIKELY help a firm to increase production.

A) Investment in new  technology B) Hiring more employeesD) Increased education of labor force

At the macro-economic level, an increase in demand is a factor that will lead to more production by the industry.

At the firm-level (micro-economic), a decrease in demand or an increased foreign competition cannot lead the firm to increase production.  Instead, they discourage more production of goods and services.

To increase production, a firm must invest in new technology and hire more.  The latter will be boosted by an increase in labor education.

Thus, the factors that lead to increased production by a firm are A), B), and D).

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Marc and michelle are married and earned salaries this year of $70,400 and $14,400, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $1,300 from corporate bonds. Marc contributed $3,300 to an individual retirement account, and marc paid alimony to a prior spouse in the amount of $2,300. Marc and michelle have a 10-year-old son, matthew, who lived with them throughout the entire year. Thus, marc and michelle are allowed to claim a $2,000 child tax credit for matthew. Marc and michelle paid $7,600 of expenditures that qualify as itemized deductions and they had a total of $6,665 in federal income taxes withheld from their paychecks during the course of the year

Answers

Answer:

Since we are not given any specific year, I will use the 2020 tax schedule:

Marc and Michelle's gross income = Marc's and Michelle's salaries + interest from corporate bonds = $70,400 + $14,400 + $1,300 = $86,100

they should choose the standard deduction since it is higher than their itemized deductions = ($24,400)

contribution to IRA = ($3,300)

Marc and Michelle's taxable income = $58,400

Marc and Michelle's tax liability = $1,975 + [12% x ($58,400 - $19,750)] = $6,613

Alimony payments are not longer tax deductible and interests on municipal bonds is not taxable.

Since their income tax withholdings exceed their tax liability, they should get a refund for $6,665 - $6,613 = $52

Also, since they are allowed a $2,000 child tax credit, but they do not owe any more taxes, they are entitled to a $1,400 refund.

Total refund for 2020 = $1,452.

If I buy 40 shares of Visa stock at a price of $149.58 per share and
the price goes up by $0.47 in one day, what is the percent gain?

Answers

Answer:

use cash

Explanation:

its less confusing.

Please help!!!

Drag each label to the correct location on the image.
Match the descriptions to the possibility of being addressed by a Trial Balance.

can detect the accuracy
of the accounting process

can help prepare the
income statement

can help check whether the
debit side is equal to the
credit side

can help check whether a
particular transaction has
been completely omitted

helps serve as a proof of
the application of the
double-entry system

Answers

According to given Image the all the scenario are possible of being addressed by a Trial Balance

Give explanations for how a Trial Balance might be addressed

Can determine whether the accounting procedure is accurate: PossibleMay aid in the income statement's preparation: PossibleMay assist in determining whether the debit and credit sides are equal: PossibleCan assist in determining whether a specific transaction has been entirely missed: PossibleAids in providing evidence of the double-entry system's use: Possible

What is trial balance?

A Trial Balance is a financial statement that lists all the general ledger accounts and their balances at a specific point in time.

It serves as a tool to ensure that the total debits equal the total credits in the accounting system and helps to detect errors and discrepancies in the accounting records.

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You are a consultant helping to turn around a factory that hasn't adapted to modern manufacturing standards. They receive several truckloads of raw materials each day, which are recorded by hand in a logbook kept at the loading dock. Each of the salesmen keeps a running tally of orders and files them in the sales office. The deliveries are made once a truck is filled. What aspects of this factory can be significantly improved by introducing an EPR (enterprise resource planning) system?

environmental management
sales and revenue
human resource management
equipment maintenance

Answers

Answer:

use of modern technology

Explanation:

to make work and tallying

easy

Answer:Sales and revenue

Explanation:

This is standard business marketing

Question:
Which job title describes a person with a career in natural resources?
•production manager
•architectural engineer
•environmental scientist
•tile setter​

Answers

Answer: its environmental scientist

Explanation:

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Damon is working on a tight budget. He has just a few more scenes to shoot to complete his project. For one of the scene requires at least 50 extras. Hiring union extras will cost him more than the budget allows. what do you think he is likely to do to ensure the scene is shot within the budget?
A .Change the storyline
B. Deduct the scriptwriter's fees
C. Deduct the fees of the lead actor
D, hire non-union extras

Answers

Answer:

possibly d

Explanation:

makes more sense

what is used as a set of standard in measurement?​

Answers

Explanation:

A unit of measurement is a definite magnitude of a quantity, defined and adopted by convention or by law, that is used as a standard for measurement of the same kind of quantity. ... Now there is a global standard, the International System of Units (SI), the modern form of the metric system.

what kind of sugar is primarily used in preparing icing?​

Answers

Answer:

granulated sugar

Explanation:

powdered sugar or confectioner's sugar is finely ground granulated sugar that is mixed with a small amount of cornstarch to prevent caking.

When people are injured in a car accident, they need an auto insurance representative to help them
A.file a claim
B.prepare a lawsuit
C.arrange for physical therapy
D.find a policy

Answers

Answer:

a file a claim

explanation:

because of the car accident and the injured people they have to file a claim to pay for the car repair and injuries

Any type of insurance exists to reduce or completely remove the policyholder's liability. Hence option A is correct .

What is a filing a claim?

The medical expenses that the policy-holder might otherwise be responsible for as a result of an auto accident are covered by medical insurance in an auto policy.

When you make a claim, you ask an insurance provider to pay you a specific amount of money in accordance with the conditions of the insurance policy. The period of time after filing a claim during which a policyholder cannot receive insurance benefits is known as the elimination period.

A claims adjuster will get in touch with you after your claim is submitted. They can want you to fill out a Proof of Loss form. Your insurer's coverage amount will be determined by the adjuster, and assist you with the claims procedure.

There is no rule dictating how long you must wait before making a claim. You should get in touch with your insurance company as soon as an incident occurs. The longer you wait, the more damage may occur, depending on the sort of incident.

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What is the difference between durable and nondurable goods?

Answers

Answer:durable goods are products that do not need to be purchased often, whereas non-durable goods are products that expire more quickly.

Explanation:

Answer:

Durable goods, to put it simply, are products that don’t need to be purchased often, whereas non-durable goods are products that expire more quickly.

Explanation:

Answer the question on the basis of the following production possibilities table for two countries, North Cantina and South Cantina.

Refer to the table. If South Cantina is producing at production alternative F, the opportunity cost of the first unit of capital goods will be

A.1/2 of a unit of consumer goods.
B.1 unit of consumer goods.
C.27 units of consumer goods.
D.2 units of consumer goods.

Answers

The answer is c
hope this helpful

'Opportunity Cost' is described as the 'value of the next best possible opportunity that is given up for choosing the other.'

In the given situation, the opportunity cost of producing the very first unit of Capital Goods for South Cantina would be:

C). 27 units of consumer goods.

As we know, 'opportunity cost' is the cost of the next best alternative and its benefits that are lost for producing the other. The loss that South Cantina would suffer for producing one unit of the capital good is worth '27 units of consumer goods.'This implies that the 27 consumer unit goods would be lost for not choosing it and producing 1 unit of capital goods.

Thus, option C is the correct answer.

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The last stage in sales is
Conviction
Action
Desire
Interest

Answers

Answer will be ‘Desire’ according to me.

Answer:

action

Explanation:

what does it mean when you file for bankruptcy and why would it be on your credit report? please somebody help. due tonight

Answers

when you file for bankruptcy it's for individuals and companies when they can no longer pay their bills. from there it is decided if their debt will be relieved or if they HAVE to pay. it will be on your credit because if you want to purchase a house or a car they seller needs to know the history of the person or company

A
person who
owns stock in a
corporation.

Answers

shareholder or stockholder

Select the qualification that is best demonstrated in each example. Clyde explains the equipment installation process to a customer. Meredith picks up a heavy stereo and puts it in place on a shelf. Brittney figures out what is wrong with a phone line that is not working.

Answers

Answer:

D, A, D

Explanation:

dad lol

Answer:

D

A

D

Explanation:

your welcome

The Federal Reserve decreases the discount rate in order to accomplish
which goal?
A. Lowering the prime rate on bank loans
B. Raising the number of treasury securities for sale
C. Increasing the interest rate on credit cards
D. Decreasing the total number of Federal Reserve banks

Answers

Answer:

A. Lowering the prime rate on bank loans

Explanation:

Prime rates are the interest rates that the commercial banks charge their most credit-worthy customers, mostly corporates. These customers are judged low-risk clients and get loans at lower interest rates compared to retail customers. If a commercial bank lowers the prime rate, the normal interest rates are also likely to decrease.

The discount rate is the interest rate at which commercial banks will means commercial banks are obtaining loans at an expensive rate. Consequently, they will charge customers a high-interest rate for loans advanced. If the Federal Reserve reduces the discount rate, banks will reduce interest rates on loans. The banks will be accessing credit from the Fed at lower interest rates.

Answer:

a

Explanation:

a p3x

Which line of code will print I like to code on the screen?
O print("I like to code")
O print (I like to code)
O print("I LIKE TO CODE")
Oprint = I like to code



Helppp pleaseee

Answers

Answer:

the first one I think I'm not 100% sure tho

Answer:

O print(I like to code)

Explanation:

I do not know if it is correct though.

If the quantity demanded is greater than the quantity supplied, what will happen to the price?
A. Go up
B. Go up then down
C. Go down
D. Remain the same

Answers

A. Go Up....................
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