--%>

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 : Determine total revenue when prices fall

    As the price falls by P4 to P3 to P2 to P1 beside such demand curve for Pixie's cheesy fried grits, then total revenue: (w) always rises. (x) always falls. (y) rises then falls. (z) falls then rises.

    Q : Oligopoly market Elucidate why are

    Elucidate why are firms mutually interdependent in oligopoly market.

  • Q : Arsing short-run shut-down point in firm

    The Christmas tree farm’s short-run shut-down point arises at a price of: (i) P1. (ii) P2. (iii) P3. (iv) P4. (v) Not computable from these figures.

    Q : Problem on Conglomerates Can someone

    Can someone help me in finding out the precise answer from the given options. K-Mart Corporation operates the K-mart and Sears retail stores, gives financial services like insurance and the Discover card, and consists of a real estate division. Such characteristics re

  • Q : Normative Criteria for Income

    The most compatible along with capitalism of the normative criteria for income distribution, which is the: (1) contribution standard. (2) gold standard. (3) needs standard. (4) balanced standard. (5) equality standard.

    Q : Transferred Funds in Financial Markets

    Financial markets are markets in that funds are transferred from: (w) financial investors or institutions which have an excess of available funds to people or firms which have a shortage. (x) people who have a shortage of obtainable funds to people wh

  • Q : Bond Theorem Applications What are Bond

    What are Bond Theorem Applications and also write down its consequences?

  • Q : Total variable costs in monopolistic

    When this firm produces 5,000 units of output monthly in this demonstrated figure, in that case its total variable costs equal as: (w) $75,000 per month. (x) $15,000 per month. (y) $18,000 per month. (z) $3,000 per month.

    Q : Emphasis on equality of opportunity An

    An emphasis on equality of opportunity, although not essentially equality of result, is a center-piece of a system of distribution termed as: (1) meritocracy. (2) laissez faire capitalism. (3) feudalism. (4) socialism. (5) syndicalism

  • Q : Essentially occurrence of profit

    Profit maximization does not essentially occur when a firm: (w) maximizes TR - TC. (x) minimizes total cost. (y) sets MR = MC and P > min.(AVC). (z) maximizes (P x Q) - (Q x ATC). Hey friends please give your op