Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $1.50, and the equilibrium quantity is 27.0. When the price is $8.75, the quantity supplied of waffles is 61.0 and the quantity supplied of pancakes is 107.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.
Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $1.50, and the equilibrium quantity is 27.0. When the price is $8.75, the quantity supplied of waffles is 61.0 and the quantity supplied of pancakes is 107.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.
Chapter1: Making Economics Decisions
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![sources 4xte upe
Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium for both markets is the same,
the equilibrium price is $1.50, and the equilibrium quantity is 27.0. When the price is $8.75, the quantity supplied of waffles is
61.0 and the quantity supplied of pancakes is 107.0. For simplicity of analysis, the demand for both goods is the same.
Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.
Supply in the market for waffles is
Hint
3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01295e05-7783-4a9d-81b0-3b2382ca2d8c%2F00f38d5a-b3a1-44b8-8c24-5e212cb5df61%2Fehbmrwc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:sources 4xte upe
Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium for both markets is the same,
the equilibrium price is $1.50, and the equilibrium quantity is 27.0. When the price is $8.75, the quantity supplied of waffles is
61.0 and the quantity supplied of pancakes is 107.0. For simplicity of analysis, the demand for both goods is the same.
Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.
Supply in the market for waffles is
Hint
3
![Supply in the market for waffles is
more elastic than supply in the market for pancakes.
the same elasticity as supply in the market for pancakes.
There is not enough information to tell which has a higher elasticity.
less elastic than supply in the market for pancakes.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01295e05-7783-4a9d-81b0-3b2382ca2d8c%2F00f38d5a-b3a1-44b8-8c24-5e212cb5df61%2Fd663oq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Supply in the market for waffles is
more elastic than supply in the market for pancakes.
the same elasticity as supply in the market for pancakes.
There is not enough information to tell which has a higher elasticity.
less elastic than supply in the market for pancakes.
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