Tomas Produces 100 Cartons of Free Range Eggs When the Price

question 31

Multiple Choice

Tomas produces 100 cartons of free range eggs when the price is $5 and 150 cartons of free range eggs when the price is $7.What is the value of Tomas's price elasticity of supply?

• A)1.2
• B)2.0
• C)1.0
• D)3.2

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Definitions:

Buyers' Incomes

The total earnings of consumers which influence their purchasing power and demand in the marketplace.

Rightward Shift

In economic graphs, a movement to the right of a curve, indicating an increase in supply or demand depending on the context.

Home-Delivered Pizza

Pizza that is made and delivered directly to a customer's home by a restaurant or pizza delivery service.

Population

The entire group of individuals or instances about whom we seek to make conclusions in statistical analysis or the number of inhabitants in a particular region or place.