1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alex
2 years ago
14

suppose that due to unfavorable growing conditions, this year’s global coffee crop was unusually small. what can we assume about

the short-run price elasticity of supply and demand for coffee?
Business
1 answer:
nekit [7.7K]2 years ago
7 0

The short-run price elasticity of demand will be inelastic and the short-run price elasticity of supply will be inelastic.

Elasticity of demand measures the relationship that exists between price and quantity demanded.

Elasticity of supply measures how quantity supplied changes when there is a change in the price of a good.

<u><em>Types of elasticity.</em></u>

  1. Elastic demand (supply): This means that demand (supply) is sensitive to price changes
  2. Inelastic demand (supply): this means that demand (supply) does not respond to price changes. The coefficient of elasticity is less than one.
  3. Unit elastic demand (supply): demand (supply) changes in equal proportion. The coefficient of elasticity is equal to one.

<em><u>Factors that affect elasticity </u></em>

  1. The number of substitutes the good has: the more substitutes the good has, the more elastic demand is.  
  2. The length of time: demand (supply) is inelastic in the short run. In the short run, producers (consumers) do not have enough time to find suitable substitutes.  In the long run, producers would have more time to search for suitable substitutes or shift to the production of other goods when compared with the short-run.
  3. Ease of entry or exit into an industry: the more easy it is for firms to enter into an industry, the more elastic supply would be.  

To learn more about elasticity of demand, please check:

You might be interested in
As a result of hurricane charley, the green mountain lumber co. decides to charge all home depots in florida $25 per sheet of pl
Darina [25.2K]

I guess the correct answer is price discrimination, Robinson-Patman Act

As a result of Hurricane Charley, the Green Mountain Lumber Co. decides to charge all Home Depots in Florida $25 per sheet of plywood while all Home Depots outside of Florida pay only $10 per sheet of plywood. The Green Mountain Lumber Co. can be charged with price discrimination, which is illegal under the Robinson-Patman Act.

Price discrimination is the act of charging different consumers different prices for the same product.

The Robinson-Patman Act (1936) makes it unlawful to practice price discrimination, where the effect may substantially lessen competition or help to create a monopoly

4 0
3 years ago
Doctors Clinic orders 1,000 bandages from Emergency Supplies Company but fails to specify the sizes. The bandages are delivered
dalvyx [7]

Answer:see how long they have to measure it

Explanation:

5 0
3 years ago
Phillippe invested $1,000 ten years ago and expected to have $1,800 today. He has not added or withdrawn any money from this acc
weqwewe [10]

Answer:

d) He earned a lower interest rate than he expected

Explanation:

Data provided in the question

Invested amount ten years ago = $1,000

Expected amount = $1,800

Today amount = $1,680

Based on the above information,

Since the bond is based on the floating rate not the fixed rate that results in the value of the investment to $1,800

And, the today amount is $1,680 i.e. less than the expected amount so the internet rate should be less as compared with the expected rate

hence, correct option is d.

8 0
2 years ago
A company purchases merchandise with a catalog price of $30,000. The company receives a 40% trade discount from the seller. The
Svet_ta [14]

Answer:

$17,820

Explanation:

Data provided in the question:

Catalog price of the merchandise = $30,000

Trade discount received = 40%

The amount of discount received = 40% of $30,000

= 0.4 × $30,000

= $12,000

Therefore,

Cost of Merchandise = Catalog price - Discount

= $30,000 - $12,000

= $18,000

also,

credit terms = 1/10, n/30

since, the payment was made within the discount period

1% of discount will be provided

thus,

amount of discount = 1% of cost of merchandise

= 0.01 × $18,000

= $180

hence,

Net cost of the merchandise

= Cost of merchandise - Discount on credit terms

= $18,000 - $180

= $17,820

3 0
2 years ago
Which is a form of Malware?
makvit [3.9K]

Answer:

D. Trojan Horse, nice to know some computer lab info of mine didn't go to waste

Explanation:

6 0
3 years ago
Other questions:
  • Suppose the price of a ticket to a lenny kravitz concert is $41 and at that price, the quantity of tickets demanded is 17,000 pe
    12·1 answer
  • It is advised to use the ___ rule, which allows enough space between your vehicle and other vehicles in traffic?
    13·1 answer
  • The Xu Corporation uses a periodic inventory system. The company has a beginning inventory of 950 units at $12 each on January 1
    7·1 answer
  • The accounts listed below appeared in the December 31 trial balance of the Savard Theater.
    9·1 answer
  • JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative
    10·1 answer
  • During the current year, sally sold her interest in two small business coeporations?
    15·1 answer
  • Olivia owns a store with four employees and is taking Business 2425. She told her class that she tries to match the appropriate
    10·1 answer
  • He commenced business with Rs 60000 cash and goods worth Rs 20000 .(Journal entries) ​
    8·1 answer
  • Fill in the blanks with the category of the expanded accounting equation (assets; liabilities; owner, capital; owner, withdrawal
    5·2 answers
  • As leaders, it is our responsibility to those we work with and to ensure we provide them with the tools they need to succeed.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!