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Suppose that when the price of cereal increases from $3.8 to $4 quantity supplied increases from 220 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 peanut butter decreases from $4.1 to $3.8, quantity supplied decreases from 240 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 $4.4 to $3.9. As a result, quantity supplied decreases from 270 to 200.

Based on this information classify the supply curve.

Hint

Box 1: Select the best answer

Consider the following supply schedule for jeans.

Price | Quantity Supplied |
---|---|

$4 | 410 |

$8 | 418 |

$12 | 426 |

$16 | 434 |

$20 | 442 |

$24 | 450 |

$28 | 458 |

$32 | 466 |

Suppose that the price of jeans increases from $12 to $16.

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.

Price | Quantity Supplied |
---|---|

$6 | 410 |

$12 | 416 |

$18 | 422 |

$24 | 428 |

$30 | 434 |

$36 | 440 |

$42 | 446 |

$48 | 452 |

Suppose that the price of bags increases from $42 to $48.

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

Hint

Box 1: Select the best answer