Multiple Choice
Suppose an increase in world demand for potash (used in the production of fertilizer) increases the price from $285 per tonne to $315 per tonne.Annual Canadian production increases from 15 million tonnes to 17 million tonnes.What is the elasticity of supply of Canadian potash?
A) 0.5
B) 0.8
C) 1.0
D) 1.25
E) 2.5
Correct Answer:
Verified
Correct Answer:
Verified
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