When the price of pickles increased 20% the quantity supplied of pickles increased 80%?

Elasticity Graphs

Use the graph below to answer questions 1 &2

1. Which of the demand curves shown in this graph is perfectly inelastic?

A.D1

B.D2

C.D3

D.D4

E.D5

2. Which of the demand curves shown in this graph is perfectly elastic?

A. D1

B.D2

C.D3

D.D4

E.D5

3. If the price elasticity of demand for point 2 equals 1, what must also be true?

A.The value of price elasticity at point 1 is less than 1

B.Point 3 also has a price elasticity of demand equal to 1

C.The value of price elasticity at point 3 is inelastic

D.Point 3 is perfectly inelastic

E.Point 1 is perfectly inelastic

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0.2(Explanation: If production requires inputs that are not easily mobilized,price elasticity of supply is inelastic.)

When the price of pickles increased 20%, the quantity supplied of pickles increased 80%.What is the price elasticity of supply and how is that value interpreted?

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Farmers can easily grow raspberries or strawberries in the same soil using the same inputsand achieve the same output per acre in pounds. All else equal, what is the value of therelative price elasticity of supply of raspberries over two days or two years?

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What does the price of elasticity supply measure?When the price of socks was $4 per pair, Theo’s Sock-Stravaganza supplied 10,000 pairs of

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socks. When the price of socks was $5 per pair, it supplied 17,500 pairs of socks. What isthe price elasticity of supply for socks?

When the price elasticity of demand is 2 and the price increases by 10 percent the quantity demanded?

When the price of a good increased by 5 percent the quantity demanded of it decreased 10 percent?

When the price of jackfruit decreased 50 \% 50 50 percent total revenues earned by jackfruit sellers decreased What can be concluded based on this information?

What is the formula of cross price elasticity?