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Suppose That an Increase in the Price of Jumping Castles

Question 59

Multiple Choice

Suppose that an increase in the price of jumping castles from $650 to $850 prompts party shops to increase the quantity of these jumping castles that they offer from 80 to 320.Using the midpoint method, what would be the elasticity of supply?


A) 0.50
B) 0.24
C) 0.34
D) 1.08

Correct Answer:

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