--%>

Price elasticity of supply while the price falls

If John Whittler can sell totem poles for $1,800 at all, he markets 60 yearly, but while the price falls to $600 apiece; in that case he is willing to sell only 24 yearly. His price elasticity of supply is: (w) 0.43. (x) 0.86. (y) 1.62. (z) 2.48.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

   Related Questions in Microeconomics

  • Q : Linear supply curves-elasticity for

    A straight-line that positively sloped supply curve which starts from the basis is: (w) elastic for all prices and quantities. (x) inelastic for all prices and quantities. (y) unitarily elastic for all quantities and prices. (z) negatively associated

  • Q : Microeconomics Assignment Please give

    Please give me a quote for this uploaded assignment. I need it by the 10th of may 2013. Thank You

  • Q : Profit maximized by nondiscriminating

    A nondiscriminating unregulated monopolist maximizes profit by: (w) charging the highest price the market will bear. (x) often changing designs and building in planned obsolescence. (y) setting marginal costs equal to marginal revenue [MC = MR]. (z) s

  • Q : Short run supply of an industry The

    The cranberry industry’s short-run supply is demonstrated as: (i) curve A. (ii) curve B. (iii) curve E. (iv) curve F. (v) curve G.

    Q : Higher interest rate in funds A higher

    A higher interest rate is probably to be a consequence of: (1) lower expected profitability to investors. (2) new tax breaks onto interest income. (3) weakening preferences for current income over future income. (4) increased preferences for recent co

  • Q : Influence of moderate minimum wage law

    Can someone please help me in finding out the accurate answer from the following question. Even a moderate minimum wage law influences labor markets by causing the unemployment of: (1) Unskilled workers when the labor market is per

  • Q : Primary functions of money Elucidate

    Elucidate the Primary functions of money. Answer: Primary functions: 1) Medium of Exc

  • Q : Purchasing power of a consumers income

    The modification in purchases which results since changes in relative prices modify the purchasing power of a consumer's income is termed as: (i) Adjustment margin. (ii) Income effect. (iii) Demonstration effect. (iv) Transfer pattern. (v) Replacement

  • Q : Collective bargaining agreements Tell

    Tell me the answer of this question. Collective bargaining agreements cover: A) wages and hours. B) union status. C) seniority and job opportunities. D) all of the above.

  • Q : Automation and Wage Rates I have a

    I have a problem in economics on Automation and Wage Rates. Please help me in the given question. When physical capital becomes cheaper: (i) Some of the workers might be displaced however worker productivity as a rule rises.  (ii) Automation will