Elasticity of Supply

Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are grown by a Colorado farmer. If the price of barley rises to $8 and quantity supplied increases to 130,000 bushels, then at the midpoint between these two prices, the price elasticity of supply for barley equals

• 13.33

• 1.96

• 0.51

• 26.78

Jess owns a sandwich shop. The price of a sandwich recently increased from $5 to $7. Jess responded by increasing the quantity of sandwiches she supplied from 70 to 90 per day. Then, at the midpoint between these two prices, Jess's price elasticity of supply is equal to

• 1.33

• 0.75

• 3.00

• 1.50

The price of one bedroom apartments in Cheyenne increased from $55,000 to $65,000 and the quantity of apartment for sale increased from 25 to 30. At the midpoint between these two prices, the price elasticity of supply for apartments in Cheyenne is equal to

• 0.916

• 0.756

• 1.995

• 0.085

Suppose an increase in demand causes the price to increase from $2 to $4 and the quantity to increase from 1,000 to 1,800. Then, at the midpoint between these two prices, the elasticity of supply equals

• 0.86

• 1.17

• 2.74

• 0.84

Suppose a decrease in demand causes the price to decrease from $4 to $3 and the quantity to decrease from 1,000 to 700. Then, at the midpoint between these two prices, the elasticity of supply equals

• 0.81

• 2.83

• 0.18

• 1.24

When the price of a product increases from $35 to $45, the quantity supplied increases from 30 units to 40 units per week. Then, at the midpoint between these two prices, the price elasticity of supply is

• 0.05

• -1.15

• 1.14

• 1.35

If the price doubles and the quantity supplied also doubles, the price elasticity of supply for the good is

• -1

• -2

• 1

• 2

If the price elasticity of supply for a good is 10, then supply is

• elastic

• inelastic

• perfectly inelastic

• perfectly elastic

If the price of a good decreases from $9 to $6 and the quantity supplied decreases from 1,500 to 1,300, at the midpoint between these two prices the elasticity of supply equals

• 0.20

• 2.80

• 0.36

• 0.40

If the quantity supplied and the price change by the same percentage, then supply is

• elastic

• inelastic

• unit elastic

• perfectly inelastic