T he price of a good rises from $16 to $24, and the quantity supplied rises from 90 to 110 units. Calculated with the midpoint method, the price elasticity of supply is a. 1/5. b. 1/2. c. 2. d. 5.
T he price of a good rises from $16 to $24, and the quantity supplied rises from 90 to 110 units. Calculated with the midpoint method, the price elasticity of supply is a. 1/5. b. 1/2. c. 2. d. 5.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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Question
5. T he price of a good rises from $16 to $24, and
the quantity supplied rises from 90 to 110 units.
Calculated with the midpoint method, the price
elasticity of supply is
a. 1/5.
b. 1/2.
c. 2.
d. 5.
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