A. Labu villagers brought fresh fish to Lae market: Comparatively elastic. The villagers can increase their supply of fresh fish by increasing their fishing efforts or by selling fish from neighboring villages.
B. A firm have fully utilized the available resources and Technology: Inelastic. The firm is operating at maximum capacity and cannot increase its supply without investing in additional resources or technology.
C. A manufacturer who have used up half of its resources: Comparatively elastic. The manufacturer can still increase its supply by utilizing the remaining half of its resources.
D. A coffee grower is anticipating that the price of coffee beans will rise in three months' time: Comparatively elastic. The coffee grower can increase their supply by planting more coffee trees or by increasing the production of coffee beans.
E. A firm who is waiting for the new stock to arrive in a 2-month period: Inelastic. The firm cannot increase its supply until the new stock arrives in two months.
Given the following situations, say whether the elasticity of supply will be comparatively elastic or in elastic.
A. Labu villagers brought fresh fish to Lae market
B. A firm have fully utilized the available resources and Technology
C. A manufacturer who have used up half of its resources
D. A coffee grower is anticipating that price of coffee bean will rise in three months' time
E. A firm who is waiting for the new stock to arrive in 2 months period
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I apologize for any confusion caused. Here are the revised answers:
A. Labu villagers brought fresh fish to Lae market: Comparatively inelastic. The supply of fresh fish from the villagers is limited to the amount they are able to catch, and it may be difficult for them to significantly increase their supply in the short term.
B. A firm has fully utilized the available resources and technology: Inelastic. If the firm is already operating at maximum capacity, it will be challenging for them to increase their supply without acquiring additional resources or technology.
C. A manufacturer who has used up half of its resources: Comparatively elastic. The manufacturer can still increase its supply by utilizing the remaining half of its resources.
D. A coffee grower is anticipating that the price of coffee beans will rise in three months' time: Inelastic. The grower's anticipation of a price increase does not directly impact their ability to increase supply. They would need to take action such as planting more coffee trees to increase their supply.
E. A firm that is waiting for the new stock to arrive in a 2-month period: Inelastic. The firm cannot increase its supply until the new stock arrives in two months.
A. Labu villagers brought fresh fish to Lae market: Comparatively inelastic. The supply of fresh fish from the villagers is limited to the amount they are able to catch, and it may be difficult for them to significantly increase their supply in the short term.
B. A firm has fully utilized the available resources and technology: Inelastic. If the firm is already operating at maximum capacity, it will be challenging for them to increase their supply without acquiring additional resources or technology.
C. A manufacturer who has used up half of its resources: Comparatively elastic. The manufacturer can still increase its supply by utilizing the remaining half of its resources.
D. A coffee grower is anticipating that the price of coffee beans will rise in three months' time: Inelastic. The grower's anticipation of a price increase does not directly impact their ability to increase supply. They would need to take action such as planting more coffee trees to increase their supply.
E. A firm that is waiting for the new stock to arrive in a 2-month period: Inelastic. The firm cannot increase its supply until the new stock arrives in two months.
What's the real answer
I apologize for the confusion. Here are the correct answers:
A. Labu villagers brought fresh fish to Lae market: Comparatively inelastic. The supply of fresh fish from the villagers may not be easily adjusted in the short term.
B. A firm has fully utilized the available resources and technology: Inelastic. If the firm is already operating at maximum capacity, it will be difficult for them to increase their supply without significant investments in resources or technology.
C. A manufacturer who has used up half of its resources: Comparatively elastic. The manufacturer can still increase its supply by utilizing the remaining half of its resources.
D. A coffee grower is anticipating that the price of coffee beans will rise in three months' time: Inelastic. The grower's anticipation of a price increase does not directly impact their ability to increase supply. They would need to take action, such as planting more coffee trees, to increase their supply.
E. A firm that is waiting for the new stock to arrive in a 2-month period: Inelastic. The firm cannot increase its supply until the new stock arrives in two months.
A. Labu villagers brought fresh fish to Lae market: Comparatively inelastic. The supply of fresh fish from the villagers may not be easily adjusted in the short term.
B. A firm has fully utilized the available resources and technology: Inelastic. If the firm is already operating at maximum capacity, it will be difficult for them to increase their supply without significant investments in resources or technology.
C. A manufacturer who has used up half of its resources: Comparatively elastic. The manufacturer can still increase its supply by utilizing the remaining half of its resources.
D. A coffee grower is anticipating that the price of coffee beans will rise in three months' time: Inelastic. The grower's anticipation of a price increase does not directly impact their ability to increase supply. They would need to take action, such as planting more coffee trees, to increase their supply.
E. A firm that is waiting for the new stock to arrive in a 2-month period: Inelastic. The firm cannot increase its supply until the new stock arrives in two months.
1 answer