Suppose that the ingredients required to bring a slice of pizza to market and their respective costs are as listed in the table: Ingredients Paper plate Flour Tomato sauce Cheese Labor (3 minutes @ $12/hour) Cost 2 cents 8 cents. 20 cents 30 cents 60 cents If these proportions remain the same no matter how many slices are made, and the inputs can be purchased in any quantities at the stated prices, then the supply of slices is (Click to select) ], and the price elasticity of supply is [(Click to select)

Suppose that the ingredients required to bring a slice of pizza to market and their respective costs are as listed in the table: Ingredients Paper plate Flour Tomato sauce Cheese Labor (3 minutes @ $12/hour) Cost 2 cents 8 cents. 20 cents 30 cents 60 cents If these proportions remain the same no matter how many slices are made, and the inputs can be purchased in any quantities at the stated prices, then the supply of slices is (Click to select) ], and the price elasticity of supply is [(Click to select)

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter20: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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