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An economist doing an analysis on the market for original paintings finds that a 7% increase in price will lead to an increase in the quantity supplied by 10%. What is the price elasticity of supply?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 24SQ: Suppose that when price is 10, quantity supplied is 20 units, and when the price is 6, the quantity...

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An economist doing an analysis on the market for original paintings finds that a 7% increase in price will lead to an increase in the quantity supplied by 10%. What is the price elasticity of supply?

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