Question: Using the cost data shown in Table 8-1, calculate the price elasticity of supply between P = 40 and P = 40.02 for the individual

Using the cost data shown in Table 8-1, calculate the price elasticity of supply between P = 40 and P = 40.02 for the individual firm. Assume that there are 2000 identical firms, and construct a table showing t11e industry supply schedule. What is the industry price elasticity of supply between P = 40 and P = 40.02?

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