Question 10 Using either the arc elasticity formula or calculus, calculate factor price elasticity of supply...

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Question 10 Using either the arc elasticity formula or calculus, calculate factor price elasticity of supply (EF) for pork with respect to rent around (i.e., +/- 1%) a price of rent of $6.00, given a market price for pork of $3.00 and given the following information: = Where: I= income = 6 pBeef price of beef = 6 pChicken = price of chicken = 3 0.507692 0.230769 0.184615 -0.061538 NOTE: Elasticity calculations are very sensitive to rounding. If you elect to perform multiple individual calculations, use and round to six significant digits (i.e., six decimal places, e.g., 0.000001) in each calculation. -0.123077 Qork 130-40pPork +51 +11pBeef +8pChicken Qork 160 + 10pPork-2pLabor - 6pRent-4pCapital = O-0.276923 = -0.923077 2 pts plabor labor wage rate = 8 pRent price of rent = 6 pCapital price of capital = 2 = Question 10 Using either the arc elasticity formula or calculus, calculate factor price elasticity of supply (EF) for pork with respect to rent around (i.e., +/- 1%) a price of rent of $6.00, given a market price for pork of $3.00 and given the following information: = Where: I= income = 6 pBeef price of beef = 6 pChicken = price of chicken = 3 0.507692 0.230769 0.184615 -0.061538 NOTE: Elasticity calculations are very sensitive to rounding. If you elect to perform multiple individual calculations, use and round to six significant digits (i.e., six decimal places, e.g., 0.000001) in each calculation. -0.123077 Qork 130-40pPork +51 +11pBeef +8pChicken Qork 160 + 10pPork-2pLabor - 6pRent-4pCapital = O-0.276923 = -0.923077 2 pts plabor labor wage rate = 8 pRent price of rent = 6 pCapital price of capital = 2 =