If the supply equation is Q= 50 + 4P +0.2p (a) find the price elasticity of supply if the current price is 8. (b) estimate the percentage change in supply if the price rises by 6%. ...... (a) (Do not round until the final answer. Then round to two decimal places as needed.) (b) % (Do not round until the final answer. Then round to two decimal places as needed.)

If the supply equation is Q= 50 + 4P +0.2p (a) find the price elasticity of supply if the current price is 8. (b) estimate the percentage change in supply if the price rises by 6%. ...... (a) (Do not round until the final answer. Then round to two decimal places as needed.) (b) % (Do not round until the final answer. Then round to two decimal places as needed.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter5: Business And Economic Forecasting

Section: Chapter Questions

Problem 6E: The economic analysis division of Mapco Enterprises has estimated the demand function for its line...

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