$200 500 520 D1 Do Quantity, in thousands Calculate the value of price elasticity of supply. Round your answer to two decimal places.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Suppose the demand and supply graph below represents what has happened in the housing market in a
popular, growing city similar to San Francisco. Using the prices and quantities given on the graph,
answer the following questions. Use the mid-point method we used in class for calculating percentage
change.
Price, in A
$1,000s
S
$400
$200
500
520
D1
Do
Quantity, in thousands
Calculate the value of price elasticity of supply. Round your answer to two decimal places.
Transcribed Image Text:Suppose the demand and supply graph below represents what has happened in the housing market in a popular, growing city similar to San Francisco. Using the prices and quantities given on the graph, answer the following questions. Use the mid-point method we used in class for calculating percentage change. Price, in A $1,000s S $400 $200 500 520 D1 Do Quantity, in thousands Calculate the value of price elasticity of supply. Round your answer to two decimal places.
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