As the price of tomatoes fell from $2.5 to $2, the quantity imported from mexico fell from 1,800 tons to 900 tons. the elasticity of supply of tomatoes imported from mexico is: 0.25.

The elasticity of supply can be calculated using the formula:

Elasticity = [(Q2 – Q1) / ((Q2 + Q1) / 2)] / [(P2 – P1) / ((P2 + P1) / 2)]

or in simpler terms: Elasticity =(ΔQ / Qave) / (ΔP / Pave)

Where Q and P are the quantity and price respectively

We are given that:

P1 = $2.5                 Q1 = 1,800 tons

P2 = $2                    Q2 = 900 tons

Substituting the given values into the equation:

Elasticity = [(900 – 1800) / ((900 + 1800) / 2)] / [(2 – 2.5) / ((2 + 2.5) / 2)]

Elasticity = (-900 / 1350) / (-0.5 / 2.25)

Elasticity = 3.0

Since elasticity is positive, the supply is directly proportional to the price.

step 1: create a plan

step 2: inventory facility equipment/assets

step 3: create preventive maintenance procedures

step 4: create preventive maintenance schedules

step 5: train your maintenanceteam

step 6: analyze – adjust - improve

or

step 1 – pm procedure design: doing the effective things

step 2 – pm procedure scheduling: efficient use of people and resources

step 3 – pm lubrication engineering

step 4 – pm training: back on the chain gang

step 5 – pm program management plan

step 6 – communicate, communicate, communicate