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Loraine Loraine
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9 years ago
If the price of corn increases by 20 percent and the quantity supplied of corn increases by 30 percent, then supply is
A) elastic and the elasticity of supply equals 1.5.
B) inelastic and the elasticity of supply equals 1.5.
C) elastic and the elasticity of supply equals 0.66.
D) inelastic and the elasticity of supply equals 0.66.
E) either elastic or inelastic, but more information about the elasticity of demand is needed to determine which.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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9 years ago
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9 years ago
You're welcome Happy Dummy
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#3
9 years ago
Quote from: Loraine (9 years ago)
If the price of corn increases by 20 percent and the quantity supplied of corn increases by 30 percent, then supply is
A) elastic and the elasticity of supply equals 1.5.
B) inelastic and the elasticity of supply equals 1.5.
C) elastic and the elasticity of supply equals 0.66.
D) inelastic and the elasticity of supply equals 0.66.
E) either elastic or inelastic, but more information about the elasticity of demand is needed to determine which.
hustlermindjc,  tsilva,  Viviann
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