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Tneary Tneary
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6 years ago

Question 1.

Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product.

• 2; The product is elastic.

• 0.2; The product is inelastic.

• 0.5; The product is inelastic.

• 50%; The product is inelastic.

Question 2.

Suppose that the price of a money clip increases from $0.75 to $0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply.

• 1.22

• 1.0

• 0.82

• 0.07
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Microeconomics

Microeconomics


Edition: 7th
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Lori734Lori734
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