Suppose the Current Price of Barley Is $70 Per Tonne

question 9

Multiple Choice

Suppose the current price of barley is $70 per tonne and at that price 100,000 tonnes are grown by a Victorian farmer. If the price of barley rises to $80 and quantity supplied increases to 130,000 tonnes then, using the midpoint method, the price elasticity of supply for barley equals

• A) 1.96.
• B) 13.33.
• C) 26.78.
• D) zero.
• E) 0.51.

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Definitions:

Regulate Inequality

Efforts or policies aimed at managing or reducing the disparities in wealth, resources, or opportunities among members of a society.

Abolish Inequalities

Efforts aimed at eliminating disparities in wealth, status, and power among different groups in society.

Fair Bargaining

Negotiation practices that are just, equitable, and transparent, ensuring all parties involved have their interests fairly represented and respected.

Political Process

The methods and actions used to create and implement public policy within a political system.