At a Price of $4, Quantity Supplied Is 100, and at a Price

question 27

Multiple Choice

At a price of $4, quantity supplied is 100, and at a price of $6, quantity supplied is 120. Using the midpoint formula, the price elasticity of supply is ________ and supply is ________.

• A) 0.1; inelastic
• B) 0.45; inelastic
• C) 2.2; elastic
• D) 10; elastic

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Definitions:

ACC

In the context of programmable logic controllers, ACC refers to the Accumulator, a register that holds interim arithmetic and logic results.

Time Base

The reference timing signal or scale used in various electronic or digital systems to measure or synchronize the timing of processes or events.

TT

Often refers to "Temperature Transmitter," a device that converts temperature measurements into a standardized output signal for process control.