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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

The equation for a supply curve is Chapter 5, Problem 36P, The equation for a supply curve is What is the elasticity in moving from a price of 4 to a price of What is the elasticity in moving from a price of 4 to a price of 7?

To determine

To calculate: the elasticity of supply when price moves from $4 to $7.

Explanation

We will first find the quantity supplied at price $4.

P= 3Q - 84 = 3Q - 83Q = 12Q = 4 units at P = $4

Now, we will find quantity supplied at price $7.

P = 3Q - 87 = 3Q - 815 = 3QQ = 5 units at P = $7

Now, we can calculate the elasticity of suppl

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