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akch2002, Engineer
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At A Price Of $1 Each, 100 Popsicles Are Sold Per Day

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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 = 1.0). So how many popsicles will be sold each day in the short run if the prices rises to $2 each?

In the long run a price increase $1 to $2 has an elasticity of supply of 1.50. So how many popsicles will be sold in the long run if the price rises to $2 each?
(Hint Apply the midpoints approach to the elasticity of supply.)

I came up with 200 posicles in the short run and 150 in the long run. I'm pretty certain about the short run but not so much on the long run.

I also have to graph this in excel.

Here is the answer.
word file

Customer: replied 4 years ago.

Thanks for working to answer my question.

What formula would I use to graph these myself in excel? I see the graph in word, which is great, but I need to be able to do that in excel and turn in an excel document.

Thanks again!


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