At a price of $10 per unit, Gadgets Incorporated is willing to supply 14,000 gadgets, while United Gadgets is willing to supply 11.000 gadgets. If the price were to rise to $14 per unit, their respective quantities supplied would rise to 16.000 and 15.000. if these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets? Multiple Cholce 064 0.8 1.12 1.56 O O O
At a price of $10 per unit, Gadgets Incorporated is willing to supply 14,000 gadgets, while United Gadgets is willing to supply 11.000 gadgets. If the price were to rise to $14 per unit, their respective quantities supplied would rise to 16.000 and 15.000. if these are the only two firms supplying gadgets, what is the elasticity of supply in the market for gadgets? Multiple Cholce 064 0.8 1.12 1.56 O O O
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter6: Simple Pricing
Section: Chapter Questions
Problem 7MC
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