Draw three different supply curves on a graph: Make S1 highly elastic Make S2 highly inelastic...

Draw three different supply curves on a graph:

Make S1 highly elastic
Make S2 highly inelastic
Make S3 perfectly inelastic
Which supply curve is the supply curve for Vincent van Gogh’s masterpiece, “A Starry Night”?
Which supply curve is for an ice cream manufacturer?
Which supply Curve if for an airplane manufacturer?

Expert Solution

(a+b+c) Supply side elasticity is also called price elasticity of supply. It describes to what extent the quantity supplied of a good is affected by a change in its price.

We have compiled all three supply curves in the one diagram for the clarity of slopes.

(d) The supply curve for Vincent van Gogh’s masterpiece, “A Starry Night” would be S3 i.e. Perfectly inelastic supply since the supply of it is very limited.

(e) The supply curve for an ice cream manufacturer will be S1 i.e. Highly elastic. This means ice cream manufacturer can adjust the quantity of icecream due to change in prices quickly. It costs little to make and supply ice cream in the market.

(f) The supply curve for an airplane manufacturer would be S2 i.e. highly Inelastic. This is because it takes time to produce airplanes as raw material and resources couldnot be gathered quickly. The supply of airplane, therefore will take time to increase.

Rahul Sunny answered 6 months ago

• Is demand for illegal drugs elastic, inelastic, highly elastic, highly inelastic,perfectly elastic, or perfectly inelastic?...

• Is demand for illegal drugs elastic, inelastic, highly elastic, highly inelastic,perfectly elastic, or perfectly inelastic? • What would the shape of that demand curve be (flatter or steeper)? • Prior to completing the Written assignment, you probably have ideas about how we can reduce illegal drug usage. Should we work more on reducing supply or reducing demand? • Why do you think that strategy (supply-side or demand-side) is best?

12. Elastic and inelastic supply The following graph shows the supply of a good.

12. Elastic and inelastic supply The following graph shows the supply of a good.For each of the regions, use the midpoint method to identify whether the supply of this good is elastic or inelastic.True or False: For high levels of quantity supplied where firms have reached near maximum capacity, supply becomes more elastic because firms may need to invest in additional capital in order to increase production further.

Elastic and inelastic supply

The following graph shows the supply of a good For each of the regions, use the midpoint method to identify whether the supply of this good is elastic or inelastic. Elastic Inelastic Region Between Y and Z Between W and X True or False: For high levels of quantity supplied where firms have reached near maximum capacity, supply becomes more elastic because firms may need to...

Draw a graph representing a loanable funds market. Assume inelastic supply of loanable funds. Make sure...

Draw a graph representing a loanable funds market. Assume inelastic supply of loanable funds. Make sure to label axes, curves, and equilibrium. Write down equations for each of the curves. b) Interpret the slope of the demand for loanable funds curve. c) Interpret the slope of the supply of loanable funds curve. In 2020, the COVID pandemic has spread around the world. Some substantial policy changes in response to the adverse effects of the pandemic in the US included an...

If the demand for a product is inelastic but the supply is elastic, the ________ will...

If the demand for a product is inelastic but the supply is elastic, the ________ will bear the tax incidence. A) government B) producer C) consumer

Draw and upload a graph with supply and demand curves, and a written explanation, explaining the...

Draw and upload a graph with supply and demand curves, and a written explanation, explaining the impact of a minimum wage.

Draw a hypothetical demand and supply curves for egg cups in Canada, and then graph and...

Draw a hypothetical demand and supply curves for egg cups in Canada, and then graph and explain the following events and how they affect the equilibrium price and quantity of egg cups in Canada. A successful advertising campaign by egg cup producers. Technological improvements in the production of egg cups. An increase in the price of eggs a compliment in consumption. An increase in the price of bird feed the main input in egg production. An increase in the demand...

on a graph, draw the supply and demand curves for juul pods, labeling the equilibrium price...

on a graph, draw the supply and demand curves for juul pods, labeling the equilibrium price and quantity(1 point). Now suppose the government imposes a per unit tax to be paid by sellers. on the same graph, show how this affects the supply and or demand curves and show the new equilibrium price and quantity ( 2 points ). label the price suppliers recieve, the price buyers pay, and the tax ( 2 points). label the areas of consumer surplus,...

In a large graph, draw linear supply and demand curves that obey the laws of demand...

In a large graph, draw linear supply and demand curves that obey the laws of demand and supply in a coordinate system. Label everything relevant. Show the equilibrium price and quantity, as well as consumer and producer surplus on the graph. How do you calculate total surplus if there are no externalities? Suppose the government levies a tax on the sellers of the good. In a new large graph, show (1) which curve shifts, (2) which way, and (3) derive...

The demand for salt is inelastic, and the supply of salt is elastic. The demand for...

The demand for salt is inelastic, and the supply of salt is elastic. The demand for caviar is elastic, and the supply of caviar is inelastic. Suppose that a tax of $1 per pound is levied on the sellers of salt, and a tax of $1 per pound is levied on the buyers of caviar. We would expect that most of the burden of these taxes will fall on . buyers of salt and the buyers of caviar. buyers of...

Question