Suppose that when the price of cereal increases from $3.6 to $4 quantity supplied increases from 190 to 240.

Using the mid-point elasticity approach, calculate price elasticity of supply.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity

Suppose that when the price of laundry detergent decreases from $4.2 to $3.7, quantity supplied decreases from 230 to 220.

Using the mid-point elasticity approach, calculate price elasticity of supply.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity

Suppose that the price of cereal decreases from $4.1 to $3.5. As a result, quantity supplied decreases from 240 to 210.

Based on this information classify the supply curve.

Hint

Box 1: Select the best answer

Consider the following supply schedule for jeans.

Suppose that the price of jeans increases from $60 to $70.

Using the mid-point approach, calculate price elasticity of supply.

Hint

Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity

Consider the following supply schedule for bags.

Suppose that the price of bags increases from $54 to $63.

Using the mid-point approach, calculate price elasticity of supply.

Hint

Box 1: Select the best answer