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Chapter 5 /Elasticity and Its Application ? 353

27. Suppose the price elasticity of supply for how-to books is 0.3 in the short run and 1.2 in the long run. If an

increase in the demand for how-to books causes the price of how-to books to increase by 36%, then the quantity supplied of how-to books will increase by a. 0.8% in the short run and 3.3% in the long run. b. 1.2% in the short run and 0.3% in the long run. c. 10.8% in the short run and 43.2% in the long run. d. 120% in the short run and 30% in the long run.

ANS: C

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

28. Suppose the price elasticity of supply for how-to books is 0.3 in the short run and 1.2 in the long run. If an

increase in the demand for how-to books causes the price of how-to books to increase by 20%, then the quantity supplied of how-to books will increase by a. 0.67% in the short run and 0.17% in the long run. b. 3% in the short run and 1.2% in the long run. c. 6% in the short run and 24% in the long run. d. 66.7% in the short run and 16.7% in the long run.

ANS: C

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

29. Suppose the price elasticity of supply for how-to books is 0.3 in the short run and 1.2 in the long run. If an

increase in the demand for how-to books causes the price of how-to books to increase by 5%, then the quantity supplied of how-to books will increase by

a. 1.5% in the short run and 6% in the long run. b. 6% in the short run and 1.5% in the long run. c. 16.7% in the short run and 4.2% in the long run. d. 4.2% in the short run and 16.7% in the long run.

ANS: A

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

354 ? Chapter 5 /Elasticity and Its Application

Figure 5-12

The following figure shows the supply curve for a particular good.

Price430Supply22010040162591420Quantity30. Refer to Figure 5-12. Over which range is the supply curve in this figure the most elastic?

a. Between $16 and $40 b. Between $40 and $100 c. Between $100 and $220 d. Between $220 and $430

ANS: A

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

31. Refer to Figure 5-12. Over which range is the supply curve in this figure the least elastic?

a. Between $16 and $40 b. Between $40 and $100 c. Between $100 and $220 d. Between $220 and $430

ANS: D

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

32. Refer to Figure 5-12. Using the midpoint method, what is the price elasticity of supply between $16 and

$40? a. 0.125 b. 0.86 c. 1.0 d. 2.5

ANS: C

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

33. Refer to Figure 5-12. Using the midpoint method, what is the price elasticity of supply between $100 and

$220? a. 0.58 b. 0.67 c. 1.00 d. 1.73

ANS: A

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

Chapter 5 /Elasticity and Its Application ? 355

Figure 5-13

Price151413121110987654321255075100125150175200225250275300325350375400425450475500525550575QuantitySupplyHGDCBA34. Refer to Figure 5-13. Along which of these segments of the supply curve is supply least elastic?

a. between G and H b. between C and D c. between A and C d. between A and B

ANS: A

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

35. Refer to Figure 5-13. Along which of these segments of the supply curve is supply most elastic?

a. between A and B b. between C and D c. between D and H d. between G and H

ANS: A

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Price elasticity of supply

36. Refer to Figure 5-13. Using the midpoint method, what is the price elasticity of supply between points A and

B?

a. 2.33 b. 1.0 c. 0.43 d. 0.1

ANS: A

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

356 ? Chapter 5 /Elasticity and Its Application

37. Refer to Figure 5-13. Using the midpoint method, what is the price elasticity of supply between points B and

C?

a. 1.67 b. 1.19 c. 0.84 d. 0.61

ANS: B

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

38. Refer to Figure 5-13. Using the midpoint method, what is the price elasticity of supply between points D and

G?

a. 1.89 b. 1.26 c. 0.53 d. 0.34

ANS: C

NAT: Analytic MSC: AnalyticalFigure 5-14

10987654321510PriceDIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

Supply152025303540Quantity39. Refer to Figure 5-14. Using the midpoint method, what is the price elasticity of supply between $4 and $6?

a. 0.75 b. 1.00 c. 1.20 d. 1.25

ANS: D

NAT: Analytic MSC: Analytical

DIF: 3

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

40. Refer to Figure 5-14. Using the midpoint method, what is the price elasticity of supply between $6 and $8?

a. 0.86 b. 1.00 c. 1.17 d. 1.25

ANS: C

NAT: Analytic MSC: Analytical

DIF: 3

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

Chapter 5 /Elasticity and Its Application ? 357

Figure 5-15

PriceSupply8C6B4A2255075100125150175200225250275300Quantity41. Refer to Figure 5-15. Using the midpoint method, what is the price elasticity of supply between point A and

point B? a. 0.58 b. 0.71 c. 1.06 d. 1.4

ANS: B

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

42. Refer to Figure 5-15. Using the midpoint method, what is the price elasticity of supply between point B and

point C? a. 1.44 b. 1.29 c. 0.96 d. 0.78

ANS: D

NAT: Analytic MSC: Analytical

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Midpoint method | Price elasticity of supply

43. Refer to Figure 5-15. If, holding the supply curve fixed, there were an increase in demand that caused the

equilibrium price to increase from $6 to $8, then sellers’ total revenue would a. increase. b. decrease.

c. remain unchanged.

d. The effect on total revenue cannot be determined from the given information.

ANS: A

NAT: Analytic MSC: Applicative

DIF: 2

LOC: Elasticity

REF: 5-2

TOP: Total revenue | Price elasticity of supply