Answered: The inverse supply function for mead is…

The inverse supply function for mead is given by the equation p-50+2q. What is the price elasticity of supply when the price of mead is $90? O a) 2 Ob) 5.5 Oc) 2.25 d) 0.22 e) 0.11

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 14SQP

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Question

The inverse supply function for mead is given by the equation p-50+2q. What is the
price elasticity of supply when the price of mead is $90?
a) 2
b) 5.5
O c) 2.25
d) 0.22
O e) 0.11

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