A Rise in the Price of Cabbage from $14 to $18

question 356

Multiple Choice

A rise in the price of cabbage from $14 to $18 per bushel increases the quantity supplied from 4,000 to 6,000 bushels. The elasticity of supply is

• A) 0.6.
• B) 0.8.
• C) 1.0.
• D) 1.6.

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Definitions:

Functional Silos

Organizational structures that segment a company into departments or divisions based on functions or roles, often leading to reduced communication and integration between different areas.

Operational Planning

The process of converting strategic goals and objectives into detailed plans and actions to achieve short-term operational goals.

Weighted Moving Average

A statistical technique used to smooth data by giving different weights to different values, commonly used in forecasting.

Phantom Demand

A phenomenon where perceived demand for a product exceeds the actual demand, often due to forecasting errors or miscommunication within the supply chain.