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Suppose that when the price of cereal increases from $3.5 to $4.3 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 cereal decreases from $4 to $3.8, quantity supplied decreases from 260 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 peanut butter decreases from $4.4 to $3.6. As a result, quantity supplied decreases from 260 to 210.

Based on this information classify the supply curve.

Hint

Box 1: Select the best answer

Consider the following supply schedule for bags.

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

$4 | 419 |

$8 | 431 |

$12 | 443 |

$16 | 455 |

$20 | 467 |

$24 | 479 |

$28 | 491 |

$32 | 503 |

Suppose that the price of bags increases from $8 to $12.

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 shoes.

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

$8 | 442 |

$16 | 474 |

$24 | 506 |

$32 | 538 |

$40 | 570 |

$48 | 602 |

$56 | 634 |

$64 | 666 |

Suppose that the price of shoes increases from $56 to $64.

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

Hint

Box 1: Select the best answer