Price ($) 140 120 100 80 60 40 20 S 30 60 90 120 150 180 210 240 270 300 330 Quantity Consider the market in the graph shown. Using the mid-point method, what is the price elasticity of supply when the price increases from $40 to $60?

Price ($) 140 120 100 80 60 40 20 S 30 60 90 120 150 180 210 240 270 300 330 Quantity Consider the market in the graph shown. Using the mid-point method, what is the price elasticity of supply when the price increases from $40 to $60?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

a. 0.4 b. 0.67 c. 1.67 d. 0.60

Price ($)
140
120
100
80
60
40
20
S
30 60 90 120 150 180 210 240 270 300 330 Quantity
Consider the market in the graph shown. Using the mid-point method, what is the price elasticity of supply when the price increases from
$40 to $60?

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