Multiple Choice
A bakery would be willing to supply 500 donuts per day at a price of $0.50 each.At a price of $0.80,the bakery would be willing to supply 1,100 donuts.Using the midpoint method,the price elasticity of supply for donuts is about
A) 0.62, and supply is elastic.
B) 0.62, and supply is inelastic.
C) 1.63, and supply is elastic.
D) 1.63, and supply is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
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