5. Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied decreases from 260 to 180. Using the mid-point elasticity approach, calculate price elasticity of supply.

5. Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied decreases from 260 to 180. Using the mid-point elasticity approach, calculate price elasticity of supply.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 8QR

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5. Suppose that when the price of laundry detergent decreases from $4.10 to $3.50, quantity supplied decreases from 260 to 180.

Using the mid-point elasticity approach, calculate price elasticity of supply.

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