On a Certain Supply Curve,one Point Is (Quantity Supplied =

question 46

Multiple Choice

On a certain supply curve,one point is (quantity supplied = 200,price = $4.00) and another point is (quantity supplied = 250,price = $4.50) .Using the midpoint method,the price elasticity of supply is about

• A)0.22.
• B)0.53.
• C)1.00.
• D)1.89.

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Definitions:

Quality

The degree to which a product or service meets or exceeds customer expectations.

Lean Environment

A management philosophy focusing on reducing waste and improving efficiency in the production process, often resulting in cost savings and higher quality products.

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Activities carried out by a company to produce, buy, sell goods or services in the most efficient and effective manner.

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The act of directing and controlling a group or organization to achieve goals.