Use the hypothetical market for rechargeable batteries illustrated in the accompanying graph to answer the questions that follow. a. Use the interactive graph to illustrate the impact of an increase in consumer income. b. Use the midpoint formula to calculate the price elasticity of supply for Supply(1) between the old and new price. Round to two places after the decimal. Units c. Use the midpoint formula to calculate the price elasticity of supply for Supply(2) between the old and new price. Enter your answer below. Round to two places after the decimal. Units Price per battery 10 9 8 7 6 3 2 1 D Supply (2) Supply (1) 0 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Quantity of batteries

Use the hypothetical market for rechargeable batteries illustrated in the accompanying graph to answer the questions that follow. a. Use the interactive graph to illustrate the impact of an increase in consumer income. b. Use the midpoint formula to calculate the price elasticity of supply for Supply(1) between the old and new price. Round to two places after the decimal. Units c. Use the midpoint formula to calculate the price elasticity of supply for Supply(2) between the old and new price. Enter your answer below. Round to two places after the decimal. Units Price per battery 10 9 8 7 6 3 2 1 D Supply (2) Supply (1) 0 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Quantity of batteries

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 13E: Using the following equation for the demand for a good or service, calculate the price elasticity of...

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