suppose the price elasticity of supply for cheese is 0.6 in the short run and 1.4 in the long run. if an increase in the demand for cheese causes the price of cheese to increase by 15 percent, then the quantity supplied of cheese will increase by

Question

21-10-2022
Business

Answered

suppose the price elasticity of supply for cheese is 0.6 in the short run and 1.4 in the long run. if an increase in the demand for cheese causes the price of cheese to increase by 15 percent, then the quantity supplied of cheese will increase by

Answer :

Other Questions

When a tax is placed on the sellers of cell phones, a) the size of the cell phone market and the price paid by buyers both decrease b) the size of the cell phon

When a tax is placed on the sellers of cell phones, A. the size of the cell phone market and the price paid by buyers both increase. B. the size of the cell pho

What effect would the enzyme have on the amount of product made in 3 seconds? amounts decrease no change increase products.

Susan quit her job as a teacher, which paid her $48,000 per year, in order to start her own catering business. She spent $12,000 of her savings, which had been

A 2-pint bottle of water costs $2.60. what is the price per cup?

erica is analyzing the shares of songatikamascompany. the company currently pays a dividend of $2.50. she believes the company has a new product that will resul

Erica is analyzing the shares of SongatikamasCompany. The Company currently pays a dividend of $2.50. She believes the company has a new product that will resul

$300 base price plus $20 per guest for up to 30 guests, what is the rate of change per guest?

Barbara has $70. 00 in her pocket and a $20 gift card. Which purchase will she be able to make without having to use her credit card?a portable radio for $65. 9

You have just been hired as a business consultant to determine what pricing policy would be appropriate to increase the total revenue of a therapeutic massage s

febyyyvaalentina febyyyvaalentina · Answer 1 · 2022-10-24T19:43:53-04:00

Quantity supplied in the short run is 9%. And the quantity supplied in the long run is 21%.

A good's price elasticity of demand can be defined as a measure of how sensitive the quantity demanded is to its price. In the price elasticity method, quantity demanded falls for almost any good when the price rises, but it falls more for some than for others.

The formula to calculate price elasticity is:

Price elasticity of supply = %Change in the quantity supplied / %change in the price

Quantity supplied in the short run = 0,6 x 15 %

Quantity supplied in the short run = 9%

Quantity supplied in the long run = 1,4 x 15 %

Quantity supplied in the long run = 21%

Learn more about price elasticity here https://brainly.com/question/13565779

#SPJ4