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3 years ago

Shortage is _____.

Business

2 answers:

Rainbow [258]3 years ago

7 0

Answer:

C. a situation in which quantity demanded is greater than quantity supplied

Explanation:

I just got 100% on this test

GradPoint

viktelen [127]3 years ago

3 0

Correct answer: "C. a situation in which quantity demanded is greater than quantity supplied"

Shortage is also referred to as excess demand - meaning that there is a greater demand than what there is to give. The opposite concept would be economic surplus.
Example: when the need for food in a certain village is greater than what is supplied or produced in that village, there a shortage of food.

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3 years ago

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3 years ago

The amount of a real estate broker's commission is

zvonat [6]

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2 years ago

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3 years ago

An increase in the price of cheese crackers from $2.25 to $2.45 per box causes suppliers of cheese crackers to increase their qu

Juliette [100K]

Answer:

The correct answer is C) "elastic, and the price elasticity of supply is 1.74"

Explanation:

Formula:

( (Qf - Qi) ÷ ((Qf + Qi) ÷ 2) ) ÷ ( (Pf - Pi) ÷ ((Pf + Pi) ÷ 2) )

Quantity Price

Lets remplace:

Qi = Initial Quantity = 125 boxes

Qf = Final Quantity = 145 boxes

Pi = Initial Price = $2.25

Pf= Final Price = $2.45

Quantity Price

(145 - 125) ÷ ((145 + 125) ÷ 2) ÷ (2.45-2.25) ÷ ((2.45+2.25)÷ 2)

= (20) ÷ (270÷ 2) = (0.2) ÷ (4.7 ÷ 2)

= 20 ÷ 135 = 0.2 ÷ 2.35

= 0.148 = 0.085

Finally: we divide the result of quantity into the result of price

= 0.148 ÷ 0.085

= 1.74

To classify into elastic or inelastic:

When Pes > 1, then supply is price elastic

When Pes < 1, then supply is price inelastic

When Pes = 0, supply is perfectly inelastic

Answer: Elastic, and the price elasticity of supply is 1.74

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3 years ago