56. The PES for housing in California’s more regulated cities is 0.0. What can be inferred...
56. The PES for housing in California’s more regulated cities is 0.0. What can be inferred from this number?
An increase in tastes and preferences will cause a greater change in the quantity than the price
PES is elastic
An increase in costs will cause a greater change in the quantity than the price
None of the above
Homework Answers
None of the above
Explanation: When Price Elasticity of Supply (PES) is zero, this means the supply is perfectly inelastic. Therefore, there will be no change in quantity supplied for any change in the price.
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56. The PES for housing in California’s more regulated cities is
0.0. What can be inferred...
1. Consider oil which has a PED of -0.4. What does this number mean? A. Oil...
1. Consider oil which has a PED of -0.4. What does this number mean? A. Oil demand is elastic B. Oil demand is inelastic C. A 1% increase in the price of oil causes a 0.4% increase in the quantity demanded D. An increase in the price of oil causes the demand for oil to shift right E. Oil supply is highly responsive to changes in the price 2. Consider the market for gas. In the past decade, there has...
1. Consider oil which has a PED of -0.4. What does this number mean? A. Oil...
1. Consider oil which has a PED of -0.4. What does this number mean? A. Oil demand is elastic B. Oil demand is inelastic C. A 1% increase in the price of oil causes a 0.4% increase in the quantity demanded D. An increase in the price of oil causes the demand for oil to shift right E. Oil supply is highly responsive to changes in the price 2. Consider the market for gas. In the past decade, there has...
Please answer 1-4. I am uncertain of my answers and I really need to do well...
Please answer 1-4. I am uncertain of my answers and I really
need to do well for this assignment.
Multiple Choice: Please choose the best answer among the following choices. 1. Consider the product of gasoline. Its PES is estimated at 1.6. Which of the following would be true? a) Gasoline's supply is inelastic b) Its supply curve is a steep, upward sloping line c) Its supply curve is a vertical line d) Its supply curve is a flat, upward...
The following is a list of housing costs in five different countries along with their CPI. ...
The following is a list of housing costs in five different countries along with their CPI. What is the real cost of year 1 housing using year 2 as the base year for the above 5 countries? (5 points) For which country is the real cost of housing declining? (2 points) 2. The market for gravel has been estimated to have these supply and demand relationships: Supply Qs= -1000+100P Demand Qd= 100,000 – 100P where P represents price per unit in dollars, and...
3. Referring to the graph above, what can you conclude about the elasticity of the supply...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if pri...
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
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)...
Match the following terms with their definition (some terms may be used more than once). A....
Match the following terms with their definition (some terms may be used more than once). A. Inelastic demand B. Consumer surplus C. Elastic demand D. Cross-price elasticity if demand E. Price elasticity of supply F. Deadweight loss G. Economic efficiency H. Producer surplus I. None of the above 1. The difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays 2. The difference between the price a...
34) A legal maximum price at which a good can be sold is a price: A)...
34) A legal maximum price at which a good can be sold is a price: A) stabilization. B) floor. C) support. D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. B) producers and consumers camy an equal amount of the tax burden. C) producers carry all of the tax burden. D) consumers carry the majority of the tax burden. 36) Which is an example involving an external benefit? A) air...
Please answer 1-4. I am uncertain of my answers and I really
need to do well for this assignment.
Multiple Choice: Please choose the best answer among the following choices. 1. Consider the product of gasoline. Its PES is estimated at 1.6. Which of the following would be true? a) Gasoline's supply is inelastic b) Its supply curve is a steep, upward sloping line c) Its supply curve is a vertical line d) Its supply curve is a flat, upward...
3. Referring to the graph above, what can you conclude about the elasticity of the supply curve S, in comparison to supply curve $,7 a Supply curve S, is more inelastic than supply curve S b. Supply curve S is more elastic than supply curve S c. Both curves have the same degree of clasticity d. Supply curve S, is infininely elastic, and supply cuve S, is infinitely iselastie e. There is not enough information to answer the question. 36....
Price Controls and Taxes: Price A P Supply 2 в Е н G Demand Quantity 0 23) In the figure shown above, if prices go from P1 to P3, what could this be due to? There is a tax imposed on suppliers per unit sold. Demand for the good increases due to an increase in people's incom5. There is a sales tax imposed on consumers. d. a. b. с. a binding price floor is imposed Both c and d are...
34) A legal maximum price at which a good can be sold is a price: A) stabilization. B) floor. C) support. D) ceiling 35) When supply is more elastic than demand, A) producers carry the majority of the tax burden. B) producers and consumers camy an equal amount of the tax burden. C) producers carry all of the tax burden. D) consumers carry the majority of the tax burden. 36) Which is an example involving an external benefit? A) air...
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