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:

Business Value

The importance or worth that a project, asset, or action adds to the overall goals and objectives of a business.

Needs Assessment

The systematic process of identifying and analyzing the gap between current conditions and desired states or outcomes in an organization, often related to training or resource allocation.

Training Programs

Structured educational and development activities aimed at improving individuals' skills and knowledge relevant to their jobs or personal development.

Career Success

The achievement of desired job-related outcomes or advancements over one's working life.