--%>

Prices decrement in price elasticity of supply

When animal rights activists persuade several fur coat buyers to switch to micro-fiber jackets as well as pelt prices decrease from $150 to $50 each, resultant in the baby seal harvest decreasing from 18,000 to 6,000 yearly, in that case the price elasticity of: (1) supply for fur coats equals 2. (2) demand for fur coats equals 1.2. (3) supply for fur coats equals 1. (4) substitution between fur and micro-fiber equals 5/6. (5) demand for fur coats equals 1/2.

Can someone explain/help me with best solution about problem of Economics...

   Related Questions in Microeconomics

  • Q : Contribution Standard The concept that

    The concept that people must have income in proportion to their productivity is termed as the: (1) equality standard of distribution. (2) productivity standard of distribution. (3) needs standard of distribution. (4) utility standard

  • Q : Increased value of product due to time

    The farmer stores corn after its harvest in the fall and then vends it in the spring as a hog food at very higher price. The raised value of the corn is due to its modifying: (i) Place. (ii) Form. (iii) Possession. (iv) Time. Can s

  • Q : Describe price elasticity of demand

    Price elasticity of demand: The Price elasticity of demand refers to the degree of responsiveness of the quantity demanded to modifications in price. Ed = (ΔQ/Δ P) x (P/Q)

  • Q : Demand curve at the current market price

    The demand curve faced through a purely competitive firm at the current market price of: (i) negatively sloped. (ii) horizontal. (iii) perfectly inelastic. (iv) rectangularly hyperbolic. (v) positively sloped.

    Q : Determine most price elastic in curve

    The part of this supply curve for 2×4s which is most price elastic is in between: (i) point a and point b. (ii) point b and point c. (iii) point c and point d. (iv) point d and point e. (v) point e and point f.

    Q : Critics of negative income tax Critics

    Critics of negative income tax (NIT) proposals most generally argue that: (a) economic rents should be taxed at a rate of 100%. (b) in-kind services should be above and beyond generous income assistance. (c) no NIT plan would be flexible enough to sol

  • Q : Workers in monopsonistic labor markets

    I have a problem in economics on Workers in monopsonistic labor markets. Please help me in the following question. The workers in monopsonistic labor markets receive salaries: (i) That barely cover the subsistence. (ii) Beneath the value of marginal p

  • Q : Average variable cost at price of

    A monopoly facing a demand curve which has segments higher than its average variable cost curve that sets price: (w) equal to MR. (x) equal to marginal costs [MC]. (y) from the market demand curve after finding the quantity where is m

  • Q : Long-run curve of a competitive industry

    Within a competitive industry into the long run: (w) economic profits are common. (x) existing firms wither in growing industries. (y) economic profits induce new firms to enter an industry. (z) accounting profits will be zero for all firms.

  • Q : Compute Gini Index The areas

    The areas illustrates in this Lorenz diagram can be used to compute a Gini index as: (i) (cow + pig)/cow. (ii) cow2/(cow + pig).  (iii) pig2/(cow + pig). (iv) cow/(cow + pig) (v) (cow + horse)/pig.

    Discover Q & A

    Leading Solution Library
    Avail More Than 1426940 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads
    No hassle, Instant Access
    Start Discovering

    18,76,764

    1941190
    Asked

    3,689

    Active Tutors

    1426940

    Questions
    Answered

    Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

    Submit Assignment

    ©TutorsGlobe All rights reserved 2022-2023.