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The Price Elasticity of Supply for Umbrellas Is 2

Question 104

Multiple Choice

The price elasticity of supply for umbrellas is 2.Suppose you are told that following a price increase, quantity supplied increased by 30 per cent.What was the percentage change in price that brought this about?


A) 60 per cent
B) 15 per cent
C) 6) 7 per cent
D) impossible to determine without additional information

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