In each of the following instances, determine whether quantity supplied will increase or decrease, and by how
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In each of the following instances, determine whether quantity supplied will increase or decrease, and by how much.
a. If price elasticity of supply is 1.3 and price increases by 2 percent, quantity supplied will _____ by _____ percent.
b. If price elasticity of supply is 0.3 and price decreases by 2 percent, quantity supplied will _____ by _____ percent.
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