Question

Which of these products or services is likely to have an inelastic supply in the short run?
a. cargo ships
b. haircuts
c.newspapers
d. staples
Please help !!! I can't figure this one out for some reason
@harrypotter2 @hartnn @HAteSChool4LIfe @whpalmer4 @wrinkle @quebe16 @ajprincess @Ashleyisakitty @e.mccormick @emok9893 @Ricky2 @raphaelkelley @timaashorty @flirty45 @ganeshie8 @JuliusTheGreat @Kristen17

Answer 1

Which of those things takes a long time to deliver after you order one?

Answer 2

cargo ships ?

Answer 3

Bingo!

So even if demand goes up, the supply won't increase in the short run, because it will take months or years to build some more ships. That's inelastic supply.

Answer 4

Ohh thanks so much ! : )

Answer 5

@whpalmer4 I have a clarification question

Answer 6

A music store holds a half-price sale on all CDs. During the sale, people buy more CDs than usual. What does this event show?
Is it the law of demand?

Answer 7

It sounds like it demonstrates that people will buy any old thing that is on sale :-)

Answer 8

I'm not an econ guy, I don't know the names for all of the behaviors, so I'm probably not the one to ask.

Answer 9

Do you know anyone who would know ?

Answer 10

Sure, call up my friend Eric in Hong Kong, he's got a degree in Econ from Stanford. You just have to figure out what his phone number is (I don't know it)...

Answer 11

I think i will go with the substitution effect though i'm really not sure i'm not good in econ either

Answer 12

Don't you have a textbook?

Answer 13

how would i know eric or his phone number. Lol was that supposed to be a joke

Answer 14

yes but i can't find the answer. I've saved the questions I couldn't find the answers to ask for help on here.

Answer 15

Thanks for your help and your time though : ) @whpalmer4

Answer 16

The answer was the law of demand. Lol I was right the first time

Answer 17

Too many kids seem to be studying online in some fashion where they don't have a textbook that they can refer to when there's some question that requires them to know something. Very frustrating for all concerned! Glad to hear you have one, even if it isn't yielding the answer...

I'd just found some online material that made me think "law of demand" was the right answer, and when I got back here, you'd already answered it :-)

Answer 18

Yes It was bothering me because I couldn't find the answer in my textbook. But I got it now and I think a lot of them lie and say they don't have a textbook just to get the answer it's just plain lazy.

Answer 19

Especially with online school they just don't give you work without a source of information how are you supposed to learn anything but it is difficult not having a teacher in front of you so you can ask questions. Online schooling is very independent and overwhelming sometimes for me I just started in January so I'm getting the hang of it

Answer 20

@whpalmer4 nice chatting with you : ) Goodnight