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Suppose That the Price of a Money Clip Increases from US$0.75

Question 30

Multiple Choice

Suppose that the price of a money clip increases from US$0.75 to US$0.90 and quantity supplied rises from 8,000 units to 10,000 units. Use the midpoint formula to calculate the price elasticity of supply.


A) 0.07
B) 1.22
C) 1
D) 0.82

Correct Answer:

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