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Chapter 19: Q.2 - Critical Thinking Questions (page 431)

Is the students' supply of learning tasks relatively elastic or inelastic? Explain.

Short Answer

Expert verified

the students' supply of learning tasks relatively elastic

Step by step solution

01

Given Information

Price elasticity of supply alludes to a level of responsiveness of supply of a ware concerning change in the value of such item.

02

Explanation

This is on the grounds that Fryer has done an examination which demonstrated the way that paying financial prizes can lead understudies to perform more specific undertakings than performing learning.

It was seen that Fryer has observed value flexibility of supply equivalent to 0.87 . It implies an increment in motivation instalment for specific errands incites understudies to perform8.7% a greater amount of instructive assignments.

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Most popular questions from this chapter

An individual's income rises from \(80,000per year to \)84,000per year, and as a consequence the person's purchases of movie downloads rise from 48per year to 72per year. What is this individual's income elasticity of demand? Are movie downloads a normal or inferior good? (Hint: You may want to refer to the discussion of normal and inferior goods in Chapter 3.)

The value of cross price elasticity of demand between goods Xand Yis 1.25, while the cross price elasticity of demand between goods Xand Zis -2.0. Characterize Xand Yand Xand Zas substitutes or complements.

An increase in the market price of men's haircuts, from \(15per haircut to \)25per haircut, initially causes a local barbershop to have its employees work overtime to increase the number of daily haircuts provided from 35to45. When the $25 market price remains unchanged for several weeks and all other things remain equal as well, the barbershop hires additional employees and provides 65 haircuts per day. What is the short-run price elasticity of supply? What is the long-run price elasticity of supply?

When the price of shirts emblazoned with a college logo is \(20, consumers buy 150 per week. When the price declines to \)19, consumers purchase 200 per week. Based on this information, calculate the price elasticity of demand for logo-emblazoned shirts.

Why does it make sense that there was a negative percentage change in the quantity of cable TV subscriptions demanded in response to an increase in the price of these subscriptions?
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