The price of a good rises from $12 to $15. Quantity supplied increases from 25,000 to 35,000. Using the midpoint method, calculate the price elasticity of supply.   Question 12 options:   0.4   0.67   1.5   1.75

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 24SQ: Suppose that when price is 10, quantity supplied is 20 units, and when the price is 6, the quantity...
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The price of a good rises from $12 to $15. Quantity supplied increases from 25,000 to 35,000. Using the midpoint method, calculate the price elasticity of supply.

 

Question 12 options:

 

0.4

 

0.67

 

1.5

 

1.75

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