The price of a good rises from $16 to $24, and the quantity supplied rises from 90
Question:
The price of a good rises from $16 to $24, and the quantity supplied rises from 90 to 110 units.
Calculated with the midpoint method, the price elasticity of supply is
a. 1/5.
b. 1/2.
c. 2.
d. 5.
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