Suppose a Decrease in World Demand for Potash (Used in the Production

question 82

Multiple Choice

Suppose a decrease in world demand for potash (used in the production of fertilizer) decreases the price from $400 per tonne to $240 per tonne.Annual Canadian production decreases from 12 million tonnes to 8 million tonnes.What is the elasticity of supply of Canadian potash?

• A)0.4
• B)0.8
• C)0.75
• D)1.0
• E)1.25

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