If the the market price of price of a kilogram of coffee changed changed from $1.06 to $1.16, and the market supply changed from 93 million units to 107 million units, what is the estimated elasticity of supply? (Remember, for some elasticities, we take the absolute value. For others, we do not.) Round to two decimal places. If your answer is 1.125, enter 1.13. Correct Answer 1.55 margin of error +/- 0.01

If the the market price of price of a kilogram of coffee changed changed from $1.06 to $1.16, and the market supply changed from 93 million units to 107 million units, what is the estimated elasticity of supply? (Remember, for some elasticities, we take the absolute value. For others, we do not.) Round to two decimal places. If your answer is 1.125, enter 1.13. Correct Answer 1.55 margin of error +/- 0.01

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 14SQ

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