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andreyandreev [35.5K]
3 years ago
11

Assume a steel company is willing to sell its alloy beams for $400 a piece and produce 100000 units. At a price of 449 they are

willing to sell 100,935 units. From this information, calculate the price elasticity of supply.
Business
1 answer:
Anna [14]3 years ago
8 0

Answer:

The price elasticity of supply is 0.0763 or 7.63%.

Explanation:

Price Elasticity of Supply shows response of quantity supplies to the price of the product supplied. Its Formula is as follow:

Price Elasticity of Supply = % change in supply / % change in price

Price Elasticity of Supply = (0.935% / 12.25%) x 100 = 7.63%

% Change in Supply = ( 100,935 - 100,000 ) /100,000 = 0.935%

% Change in Price = ( 449 - 400 ) / 400 = 12.25%

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2 years ago
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Hilary is a retired teacher who lives in Miami and does some consulting work for extra cash. At a wage of $50 per hour, she is w
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Answer:

Hilary is a retired teacher who lives in Miami and does some consulting work for extra cash. At a wage of $50 per hour, she is willing to work 10 hours per week. At $65 per hour, she is willing to work 19 hours per week.

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Midpoint elasticity = (Change in labor supplied / Average labor supplied) / (Change in wage rate / Average wage rate)

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5 0
3 years ago
Please help!!! I need help ASAP!
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Hi!

 The answer to your question should be B. Pays the difference of the current value to the amount you owe.
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3 years ago
The Smiths are purchasing a completely furnished cottage on a lake. They have obtained a deed of trust loan to cover the price o
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