How does the price elasticity of supply affect this commodity（Oil）
How does the price elasticity of supply affect this commodity（Oil）
Homework Answers
Answer - The price elasticity of supply oil be affected as -
If the price elasticity of supply is more than 1 , then the increase in the prices of oil will lead to the greater rise in the supply of oil and vice a versa. Means the change in price will have a magnified effect on the supply.
If the price elasticity of supply is 1 , the change in the price of oil will be equal to the change in the supply of oil.
If the price elasticity of supply will be less than 1 , the change in the price of the oil will have a smaller effect on its supply.
DEMAND, SUPPLY, AND ELASTICITY Shift in Supply & Demand: Choose a commodity (a good or a...
DEMAND, SUPPLY, AND ELASTICITY Shift in Supply & Demand: Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity. Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.
How does price elasticity affect the price-quantity combination and segment of the demand curve that the...
How does price elasticity affect the price-quantity combination and segment of the demand curve that the monopolist would prefer for price and output?
Discuss price elasticity of demand and its impact on pricing. How does this elasticity affect the...
Discuss price elasticity of demand and its impact on pricing. How does this elasticity affect the markup over cost in setting prices? What is the role of variable costing in pricing? What are the problems associated with using absorption costing for setting prices? Discuss the role of using target costing for pricing.
2. If the price level rises how does this affect the nominal money supply? How does...
2. If the price level rises how does this affect the nominal money supply? How does this affect real money supply? Fully explain your reasoning. (5 pts.)
1. What information does price elasticity provide? How does product substitution affect specific decisions?
1. What information does price elasticity provide? How does product substitution affect specific decisions?
How does global economic competition affect the price elasticity of demand in the domestic market and...
How does global economic competition affect the price elasticity of demand in the domestic market and decisions related to the strategy a firm uses to compete?
How does global economic competition affect the price elasticity of demand in the domestic market and...
How does global economic competition affect the price elasticity of demand in the domestic market and decisions related to the strategy a firm uses to compete? Detailed Answer.
Supply Elasticity is 0.8 and demand elasticity is -1.4 for a particular commodity sold in a marke...
Supply Elasticity is 0.8 and demand elasticity is -1.4 for a particular commodity sold in a market. If the government had imposed a unit tax of Rs 5.00, what would be the unit tax borne by the producer? Please explain the answer ( including diagrams)
25) What is measured by the price elasticity of supply? A) The price elasticity of supply...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. B) The price elasticity of supply measures how responsive producers are to changes in income. C) The price elasticity of supply measures how responsive producers are to changes in the price of a product. D) The price elasticity of supply is a measure of the slope of the supply curve. E)...
Explain how the producer’s ability to shift resources to alternative uses and time affect price elasticity...
Explain how the producer’s ability to shift resources to alternative uses and time affect price elasticity of supply.
How does global economic competition affect the price elasticity of demand in the domestic market and decisions related to the strategy a firm uses to compete?
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