20 Jul HOW MANY POPSICLES WILL BE SOLD EACH DAY IN THE SHORT RUN IF THE PRICE RISES TO $2 EACH?
Currently at a price of $1 each 100 popsicles are sold per day in the perpetually hot town of Rost Show more Currently at a price of $1 each 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run a price increase from $1 to $2 is unit-elastic (Es = 1). In the long run a price increase from $1 to $2 has an elasticity of supply of 1.50. (Hint: Apply the midpoints approach to the elasticity of supply.) A. How many popsicles will be sold each day in the short run if the price rises to $2 each? B. So how many popsicles will be sold per day in the long run if the price rises to $2 each? Show less
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