The supply of product X is elastic if the price of X rises by   Multiple Choice   1 percent and quantity supplied rises by 5 percent.   4 percent and quantity supplied rises by 4 percent.   8 percent and quantity supplied remains the same.   10 percent and quantity supplied rises by 2 percent.

Q: Help!

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A: please find the answer below.

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Q: A rise in price will increase the quantity demanded.

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A: To answer this question, you first need to calculate price elasticity of demand

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Q: Cross elasticity of demand.

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