If the supply equation is Q= 50 + 4P +0.2p (a) find the price elasticity of supply if the current price is 8. (b) estimate the percentage change in supply if the price rises by 6%. ...... (a) (Do not round until the final answer. Then round to two decimal places as needed.) (b) % (Do not round until the final answer. Then round to two decimal places as needed.)
If the supply equation is Q= 50 + 4P +0.2p (a) find the price elasticity of supply if the current price is 8. (b) estimate the percentage change in supply if the price rises by 6%. ...... (a) (Do not round until the final answer. Then round to two decimal places as needed.) (b) % (Do not round until the final answer. Then round to two decimal places as needed.)
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter2: Fundamental Economic Concepts
Section: Chapter Questions
Problem 7E
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![If the supply equation is
Q= 50 + 4P +0.2P
(a) find the price elasticity of supply if the current price is 8.
(b) estimate the percentage change in supply if the price rises by 6%.
.....
(a)
(Do not round until the final answer. Then round to two decimal places as needed.)
(b)%
(Do not round until the final answer. Then round to two decimal places as needed.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcae2021b-c9ca-474c-b806-d5c5135bc64c%2Fac749f85-215e-463d-978e-b1cd988b74b5%2Ffniwlq3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:If the supply equation is
Q= 50 + 4P +0.2P
(a) find the price elasticity of supply if the current price is 8.
(b) estimate the percentage change in supply if the price rises by 6%.
.....
(a)
(Do not round until the final answer. Then round to two decimal places as needed.)
(b)%
(Do not round until the final answer. Then round to two decimal places as needed.)
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