# Suppose an increase in demand causes the price to

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28) Suppose an increase in demand causes the price to increase from \$2 to \$4 andthe quantity to increase from 1,000 to 1,800. Using the midpoint method, theelasticity of supply equals
29) Suppose a decrease in demand causes the price to decrease from \$4 to \$3 andthe quantity to decrease from 1,000 to 700. Using the midpoint method, theelasticity of supply equals
30) When the price of a product increases from \$35 to \$45, the quantity suppliedincreases from 30 units to 40 units per week. Using the midpoint method, the priceelasticity of supply is
31) If the price of a DVD falls from \$20 to \$12 and the quantity of DVDs supplieddecreases from 118,000 per hour to 100,000 per hour, using the midpoint formulathe elasticity of supply equals
32) If the price of a good decreases from \$9 to \$6 and the quantity supplieddecreases from 1,500 to 1,300, using the midpoint formula the elasticity of supplyequals
33) If the price doubles and the quantity supplied also doubles, the price elasticityof supply forthe good is
34) If the price elasticity of supply for a good is 10, then supply is
35) If the quantity supplied and the price change by the same percentage, thensupply is
36) Because the price elasticity of supply for jumbo jets is 0.35, the supply ofjumbo jets is
37) If a 20 percent increase in the price of a good does not change the quantitysupplied, the
38) The price elasticity of supply is a measure of the extent to which the quantitysupplied of a good changes when the
39) When the percentage change in the quantity supplied is twice the percentagechange in price,then supply is
40) The supply of beach front property on St. Simon's Island is
41) Goods that can be produced at a constant or very gently rising opportunity costhave
42) For a product with a rapidly increasing opportunity cost of producingadditional units,
43) The greater the amount of time that passes after a price change, the
44) Many manufactured goods have an ________ supply if production plans haveonly a short period to change and as time passes and all production adjustments aremade, the supply of the good ________ from the initial response.
45) When the price of a textbook is \$95, the quantity of textbooks supplied is 90million a year and when the price rises to \$105, the quantity of textbooks suppliedis 110 million a year. The supply of textbooks is

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Term
Spring
Professor
HOWARD
• • • 