3 PriceSupply$ 300.00$ 275.00$ 250.00$ 225.00$ 200.00$ 175.00$ 150.00$ 125.00$ 100.00$ 75.00$ 50.0050045040035030025020015010050From the supply curve, use the midpoint method to calculate the elasticity of supply when the price res hom $150 lo $170.51440.89nfinity

Price elasticity of demand = %age change in QD / %age change in Price

Answered: From the supply curve, use the midpoirt…

From the supply curve, use the midpoirt method to calculate the elastioty of supty when the price s hon 150 t 0.5 144 0.89 wfinity

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter6: Elasticities

Section: Chapter Questions

Problem 18P: Using the midpoint formula for calculating the elasticity of supply, if the price of a good rose...

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Question

Price
Supply
$ 300.00
$ 275.00
$ 250.00
$ 225.00
$ 200.00
$ 175.00
$ 150.00
$ 125.00
$ 100.00
$ 75.00
$ 50.00
500
450
400
350
300
250
200
150
100
50
From the supply curve, use the midpoint method to calculate the elasticity of supply when the price res hom $150 lo $17
0.5
144
0.89
nfinity

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