Multiple Choice
Suppose that an increase in the price of carrots from $1.50 to $1.70 per kilogram raises the amount of carrots that carrot farmers produce from 1.2 million kilograms to 1.6 million kilograms.Using the midpoint method,what would be the elasticity of supply
A) 0.50
B) 0.54
C) 1.86
D) 2.28
Correct Answer:
Verified
Correct Answer:
Verified
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