Multiple Choice
An increase in the demand for green tea raises the price of apples from $16 a pound to $20 a pound. As a result, quantity supplied increases by 30 percent. Using the midpoint formula, calculate the value of the price elasticity of supply?
A) 1.35
B) 1.875
C) 2.22
D) 7.5
Correct Answer:
Verified
Correct Answer:
Verified
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