Homework Answers
Answer a
When Supply is perfectly inelastic, it means the supply will be constant (vertical line) irrespective of the price. In this case when the offer price is reduced, the Morales will have no choice but to match the supply with the quantity demanded. Hence the overall price for the Braeburn will reduce and quantity supplied will also increase as shown in graph. Hence the overall Amount will reduce for Braeburn
Answer b
When Supply is highly elastic, it means the supply will be almost horizontal and hence Morales will change the quantity supplied in large quantities even with a slight change in the offer price. In this case when the offer price is reduced, the Morales will have reduce the supply with the larger quantity as shown in graph. Hence the overall price for the Braeburn will reduce but quantity supplied will reduce. Hence the overall Amount will increase for Braeburn as price lowered is less than the quantity reduction.
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