Answer to Question #255927 in Microeconomics for AMJ

Question #255927

If demand is elastic,will shifts in supply have a largereffect on equilibrium quantity or on price??

Expert's answer

Here, if demand is inelastic then it will shift in supply will have a large effect on price than on quantity.

Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. Wages of workers who pick coffee rose.At the same time the price of half and half decreases.How thes
2. Explain the law of deminshimg marginal utility with the help of a table and diagram
3. If the cross elasticity of demand between X and Y is negative, then are X and Y substitutes or comp
4. What is a Pareto superior allocation? When is an allocation said to be Pareto improving? At what poi
5. Assume that you are an enterpreneur of a hotel what are the fixed and variable costs to be carried o
6. Discuss the main features of the Ricardian Theory of Rent. How do these contrast with the Modern The
7. Maryam Inc. produces leather bound books. The market is highly competitive, with books currently sel