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nursemegan nursemegan
wrote...
Posts: 478
Rep: 4 0
5 years ago

Question 1.

There are a limited number of original Picasso paintings. This means that the supply of original Picasso paintings is perfectly elastic.

• true

• false

Question 2.

Explain the economic concept of price elasticity of supply. How is price elasticity of supply calculated?
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
Read 90 times
2 Replies

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Replies
wrote...
5 years ago

Answer 1

false

Answer 2

Price elasticity of supply refers to the responsiveness of the quantity of a product supplied to a change in price. Price elasticity of supply is calculated by dividing the percentage change in the quantity of a product supplied by the percentage change in the product's price.
nursemegan Author
wrote...
5 years ago
I appreciate what you did here, answered it correctly Smiling Face with Open Mouth
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