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Suppose that when the price of cereal increases from $3.5 to $4.2 quantity supplied increases from 210 to 270.
Using the mid-point elasticity approach, calculate price elasticity of supply.
Suppose that when the price of peanut butter decreases from $4.2 to $3.7, quantity supplied decreases from 250 to 190.
Using the mid-point elasticity approach, calculate price elasticity of supply.
Suppose that the price of cereal decreases from $4.5 to $3.7. As a result, quantity supplied decreases from 250 to 190.
Based on this information classify the supply curve.
Consider the following supply schedule for books.
| Price | Quantity Supplied |
|---|---|
| $8 | 432 |
| $16 | 456 |
| $24 | 480 |
| $32 | 504 |
| $40 | 528 |
| $48 | 552 |
| $56 | 576 |
| $64 | 600 |
Suppose that the price of books increases from $24 to $32.
Using the mid-point approach, calculate price elasticity of supply.
Consider the following supply schedule for books.
| Price | Quantity Supplied |
|---|---|
| $5 | 413 |
| $10 | 418 |
| $15 | 423 |
| $20 | 428 |
| $25 | 433 |
| $30 | 438 |
| $35 | 443 |
| $40 | 448 |
Suppose that the price of books increases from $15 to $20.
Using the mid-point approach, calculate price elasticity of supply.
Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
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Box 2: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
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Box 3: Select the best answer
Box 4: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
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Box 5: Select the best answer