Multiple Choice
Suppose when the price of cupcakes goes from $2 to $3 per cupcake, production increases from 350,000 cupcakes to 450,000 cupcakes per year. Using the mid-point method, what is the price elasticity of supply?
A) 1.6
B) 0.4
C) 0.25
D) 0.63
Correct Answer:
Verified
Correct Answer:
Verified
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