The quantity supplied of a product rises from 500 to 1000 units when the price rises from $4 to $5 per unit. The price elasticity of supply for this product is approximately o a. 2.0 O b. 2.5 O c. 0.33 O d. 3.0

The quantity supplied of a product rises from 500 to 1000 units when the price rises from $4 to $5 per unit. The price elasticity of supply for this product is approximately o a. 2.0 O b. 2.5 O c. 0.33 O d. 3.0

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 16SQ

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Question

The quantity supplied of a product rises from 500 to 1000 units when the price rises from
$4 to $5 per unit. The price elasticity of supply for this product is approximately
o a. 2.0
O b. 2.5
O c. 0.33
O d. 3.0

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