The price of raisins drops from $16 to $5 per kilogram. As a result of this change, the quantity supplied drops from 478 to 121 kilograms of raisins. What is the price elasticity of supply? (Use the midpoint method for your calculations and round your answer to two decimal places.)

The price of raisins drops from $16 to $5 per kilogram. As a result of this change, the quantity supplied drops from 478 to 121 kilograms of raisins. What is the price elasticity of supply? (Use the midpoint method for your calculations and round your answer to two decimal places.)

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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