The price of cakes rises by 15%. In response, the quantity supplied of cakes rises by 30%.

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The price of cakes rises by 15%. In response, the quantity supplied of cakes rises by 30%. The price elasticity of supply for cakes is:

a. 2.
b. 0.33.
c. 0.5.
d. –0.5.

Related Book For answer-question

Accounting information system

ISBN: 9781439078570

7th Edition

Authors: James A. Hall

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Posted Date: Jan 12, 2021 11:49 AM

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The price of cakes rises by 15%. In response, the quantity supplied of cakes rises by 30%.

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a2 The ratio of the percentage change in quantity demanded t... View the full answer

Accounting information system

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