Label the scenarios below with the term that best describes it. Use the midpoint

Question

Label the scenarios below with the term that best describes it. Use the midpoint method. rcel Duchamps was a famous artist prior to his death and known or his dada artwork including works such as "Soft Toilet." All the original sculptures and paintings made during his lifetime go on sale. Paul owns a Tim Horton's, a famous donut and coffee franchise. He is willing to sell as many maple glazed donuts as customers want at a rice of S1.00 each, but he refuses to sell any donuts for any price ower than $1.00. The price of facial tissues rises from $2.85 per box to $3.15. As a result, P&G; increases production from 15 million boxes to 25 million boxes of facial tissue. With the school semester starting for both high school and college, Papermate chooses to increase production of pens from 38 million to 42 million after global prices of writing instruments increase from $1.90 a package to $2.10 a package. ncrease its production of light bulbs by 15% after a 400% increase in the price of fluorescent bulbs Elastic supply Perfectly Inelastic Inelastic supply Perfectly Elastic Unit-elastic Supply Supply Supply Map

Explanation / Answer

1. Perfectly inelastic supply

2. Perfectly elastic supply

3. Es = (10/0.30)*(2.85/15) = 63.33

Elastic supply

4. Es = (4/0.2)*(1.9/38) =10

Elastic supply

5. Es = %change in quantity supplied/%change in price

= 15/400 = 0.0375<1

Inelastic supply

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