Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product
A) 2; The product is elastic. B) 0.5; The product is inelastic.
C) 0.2; The product is inelastic. D) 50%; The product is inelastic.
B
Economics
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The above table shows the per day total cost for Kiley's Baseball Glove Company. Each glove is priced at $50 and Kiley's Baseball Glove Company is a perfectly competitive firm
Between which two amounts of output does Kiley's Baseball Glove Company make an economic profit? A) 0 and 8 B) 1 and 8 C) 2 and 7 D) 3 and 6
Economics
In the new Keynesian model, if an aggregate demand increase is anticipated, then ________
A) aggregate demand will not change B) short-run aggregate supply will shift up immediately C) short-run aggregate supply will shift down immediately D) there is no immediate effect on the short-run supply curve
Economics