4. The table sets out the supply schedule of jeans. Calculate the elasticityof supply when:Quantity supplied(millions ofpairs per year)Price(dollarsper pair)12024125281301353236The price rises from $125 to $135 a pair.The average price is $125 a pair.

Given: Q1=28 million Q2=26 million P1=$125 P2=$135 To find: elasticity of supply of jeans

Answered: 4. The table sets out the supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. The table sets out the supply schedule of jeans. Calculate the elasticity of supply when: Quantity supplied (millions of pairs per year) 24 Price (dollars per pair) 120 125 28 130 135 32 36 The price rises from $125 to $135 a pair. The average price is $125 a pair.