Multiple Choice
Suppose that when the price of shoe laces goes from $1 to $2 per pair,production increases from 90 million pairs per year to 100 million pairs.Using the mid-point method,the price elasticity of supply would be:
A) 6.28.
B) 66 percent.
C) 10.5 percent.
D) 0.16.
Correct Answer:
Verified
Correct Answer:
Verified
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