The ministry of mines has estimated that the supply curve for vibranium is P(Q.)=70+ (18/10) x Q.. What is elasticity of supply when the market price is $180? Please round to two decimal places. Thus if your answer is 1.275, enter 1.28. Remember that we take absolute value for some elasticities, but not others. All prices are in Wakandan dollars.
The ministry of mines has estimated that the supply curve for vibranium is P(Q.)=70+ (18/10) x Q.. What is elasticity of supply when the market price is $180? Please round to two decimal places. Thus if your answer is 1.275, enter 1.28. Remember that we take absolute value for some elasticities, but not others. All prices are in Wakandan dollars.
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 16SQ
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Transcribed Image Text:The ministry of mines has estimated that the supply curve for vibranium is P(Q.)=70+
(18/10) x Q. What is elasticity of supply when the market price is $180?
Please round to two decimal places. Thus if your answer is 1.275, enter 1.28.
Remember that we take absolute value for some elasticities, but not others. All prices
are in Wakandan dollars.
Correct Answer
1.64
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