A firm producing stuffed toys experiences an increase in the demand for its main product, a cuddly
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A firm producing stuffed toys experiences an increase in the demand for its main product, a cuddly dog. because of an increase in its popularity. The price of the toy rises from $15 to $18. In response, the firm increases its output of the toy from 5,000 per week to 5,500 per week.
1. Calculate the price elasticity of supply for the toy dog.
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