Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 1QR
Related questions
Question
![QUESTION 27
Refer to the market supply and demand diagram below to answer the next question.
Price
S.
(S)
3
2
1
O 10
20 30 40 50 60 70 so 90 100 110 120
Quantity
At equilibrium the price elasticity of demand is
and the price elasticity of supply is
O 0 1
O 1;0
O 1/400; 0
O 0.5; 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9765fa4a-6703-418a-8b4b-5e84f2748d43%2F0daa8f2e-c45d-4813-8804-fbdd3aca0cb7%2Foywm85g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 27
Refer to the market supply and demand diagram below to answer the next question.
Price
S.
(S)
3
2
1
O 10
20 30 40 50 60 70 so 90 100 110 120
Quantity
At equilibrium the price elasticity of demand is
and the price elasticity of supply is
O 0 1
O 1;0
O 1/400; 0
O 0.5; 1
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