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Consider a market equilibrium with price p₁= $3 and quantity sold q₁=127. Imagine that a demand shock shifts the market to a new equilibrium with price p₂= $8 and quantity sold q₂ = 182. What is the price elasticity of supply here? Round your answer to one decimal place (eg.. 2.14 rounds down to 2.1 and 2.15 rounds up to 2.2). Your answer should be a positive number.

Consider a market equilibrium with price p₁= $3 and quantity sold q₁=127. Imagine that a demand shock shifts the market to a new equilibrium with price p₂= $8 and quantity sold q₂ = 182. What is the price elasticity of supply here? Round your answer to one decimal place (eg.. 2.14 rounds down to 2.1 and 2.15 rounds up to 2.2). Your answer should be a positive number.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Consider a market equilibrium with price p₁= $3 and quantity sold q₁=127. Imagine that a demand shock shifts the market to a new equilibrium with price p₂= $8 and quantity sold q₂ = 182. What is the price elasticity of supply here? Round your answer to one decimal place (eg.. 2.14 rounds down to 2.1 and 2.15 rounds up to 2.2). Your answer should be a positive number.
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