Q53 Suppose that the price of corrugated cardboard boxes rises by 20 percent and the quantity supplied of corrugated cardboard boxes increases by 15 percent. The coefficient of price elasticity of supply forcorrugated cardboard boxes isMultiple Choicenegative and therefore X Is an Inferior good.less than 1 and therefore supply Is Inelastic.positive and therefore X Is a normal good.more than 1 and therefore supply Is elastic.

Elasticity of supply depicts how much producer responds with the change in the price level.

Suppose that the price of corrugated cardboard boxes rises by 20 percent and the quantity supplied of corrugated cardboard boxes increases by 15 percent. Th corrugated cardboard boxes is: Multiple Choice negative and therefore X Is an Inferlor good. less than 1 and therefore supply Is Inelastic. positive and therefore X Is a normal good.

Suppose that the price of corrugated cardboard boxes rises by 20 percent and the quantity supplied of corrugated cardboard boxes increases by 15 percent. Th corrugated cardboard boxes is: Multiple Choice negative and therefore X Is an Inferlor good. less than 1 and therefore supply Is Inelastic. positive and therefore X Is a normal good.

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 2SQ

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