Suppose That an Increase in the Price of Melons from $1.30

question 76

Multiple Choice

Suppose that an increase in the price of melons from $1.30 to $1.80 per pound increases the quantity of melons that melon farmers produce from 1.2 million pounds to 1.6 million pounds.Using the midpoint method,what is the approximate value of the price elasticity of supply?

• A)0.67
• B)0.89
• C)1.00
• D)1.13

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Definitions:

Aversive Effects

Unpleasant or harmful outcomes that can result from a certain action or condition, leading to avoidance behavior.

Efficient Human Functioning

Optimal performance of the human body and mind, often in reference to health, productivity, or well-being.

Attachment

Attachment refers to the emotional bond that develops between an infant and their primary caregiver, influencing patterns of interpersonal relationships later in life.

Providing Contact

In psychology, this refers to the act of creating an opportunity for physical or emotional connection between individuals.