Answered: If the price elasticity of supply is…

If the price elasticity of supply is 0.2, and a price increase led to a 3% increase in quantity supplied, then the price increase is about a. 0.07%. Ob. 0.60%. c. 6%. d. 15%.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 27CTQ: Can you think of an industry (or product) with near infinite elasticity of supply in the short term?...

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Question

estion 10
If the price elasticity of supply is 0.2, and a price increase led to a 3% increase in quantity supplied, then the price increase is about
a. 0.07%.
Ob. 0.60%.
c. 6%.
d. 15%.

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