Use the hypothetical market for rechargeable batteries illustrated in the accompanying graph to answer the 10 questions that follow. Supply (2) a. Use the interactive graph to illustrate the impact of an increase in consumer income. Assume rechargeable batteries are a normal good. Supply (1) в b. Use the midpoint formula to calculate the price elasticity of supply for Supply(1) between the old and new price. Round to two places after the decimal. 3000 Units 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 c. Use the midpoint formula to calculate the price elasticity Quantity of batteries of Price per battery c. Use the midpoint formula to calculate the price elasticity of supply for Supply(2) between the old and new price. Enter your answer below. Round to two places after the decimal. 2000 Units
Use the hypothetical market for rechargeable batteries illustrated in the accompanying graph to answer the 10 questions that follow. Supply (2) a. Use the interactive graph to illustrate the impact of an increase in consumer income. Assume rechargeable batteries are a normal good. Supply (1) в b. Use the midpoint formula to calculate the price elasticity of supply for Supply(1) between the old and new price. Round to two places after the decimal. 3000 Units 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 c. Use the midpoint formula to calculate the price elasticity Quantity of batteries of Price per battery c. Use the midpoint formula to calculate the price elasticity of supply for Supply(2) between the old and new price. Enter your answer below. Round to two places after the decimal. 2000 Units
Chapter20: Elasticity: Demand And Supply
Section: Chapter Questions
Problem 8E
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Question
Transcribed Image Text:Use the hypothetical market for rechargeable batteries
illustrated in the accompanying graph to answer the
10
questions that follow.
Supply (2)
a. Use the interactive graph to illustrate the impact of an
increase in consumer income. Assume rechargeable
batteries are a normal good.
Supply (1)
в
b. Use the midpoint formula to calculate the price elasticity
of supply for Supply(1) between the old and new price.
Round to two places after the decimal.
3000
Units
1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000
c. Use the midpoint formula to calculate the price elasticity
Quantity of batteries
of
Price per battery
Transcribed Image Text:c. Use the midpoint formula to calculate the price elasticity
of
supply for Supply(2) between the old and new price. Enter
your answer below. Round to two places after the decimal.
2000
Units
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