Try Another Version of These Questions

Suppose that when the price of cereal increases from $3.5 to $4 quantity supplied increases from 210 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 $3.4, quantity supplied decreases from 250 to 190.

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 $4.5 to $3.5. As a result, quantity supplied decreases from 250 to 180.

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 |
---|---|

$9 | 453 |

$18 | 498 |

$27 | 543 |

$36 | 588 |

$45 | 633 |

$54 | 678 |

$63 | 723 |

$72 | 768 |

Suppose that the price of bags increases from $63 to $72.

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 books.

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

$7 | 419 |

$14 | 433 |

$21 | 447 |

$28 | 461 |

$35 | 475 |

$42 | 489 |

$49 | 503 |

$56 | 517 |

Suppose that the price of books increases from $14 to $21.

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

Hint

Box 1: Select the best answer