In each of the following instances, determine whether supply is elastic, inelastic, or unitelastic. a. If price
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In each of the following instances, determine whether supply is elastic, inelastic, or unit‐elastic.
a. If price increases by 10 percent and quantity supplied increases by 15 percent, supply is ______.
b. If price decreases by 10 percent and quantity supplied decreases by 5 percent, supply is ______.
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