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Posts: 235
3 weeks ago
Recall the Application about the short-run and long-run elasticity of supply of milk to answer the following question(s). According to the Application, the price elasticity of supply of milk over a one-year period is about 0.10, and in the long run, the price elasticity of supply is 2.5.


Recall the Application. If the price of milk increases by 100 percent and stays there for a year, the quantity of milk supplied will rise by about:

▸ 1 percent.

▸ 10 percent.

▸ 100 percent.

▸ 1,000 percent.
Textbook 
Microeconomics: Principles, Applications, and Tools
Edition: 8th
Authors:
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Posts: 218
3 weeks ago
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10 percent.
1
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wrote...
3 weeks ago
Smart ... Thanks!
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