How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask akch2002 Your Own Question
akch2002, Engineer
Category: Homework
Satisfied Customers: 3113
Experience:  Home work expert
Type Your Homework Question Here...
akch2002 is online now
A new question is answered every 9 seconds

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

This answer was rated:

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!

You can view this answer by clicking here to Register or Login and paying $3.
If you've already paid for this answer, simply Login.
akch2002 and other Homework Specialists are ready to help you

Related Homework Questions