Suppose When the Price of Shoe Laces Goes from $1

question 33

Multiple Choice

Suppose when the price of shoe laces goes from $1 to $2 per pair, production increases from 95 million pairs to 105 million pairs per year. Using the mid-point method, what is the price elasticity of supply?

• A) 6.28
• B) 0.66
• C) 0.11
• D) 0.15

---

Definitions:

Multivariate Territorial Analysis

A complex data analysis technique used to understand patterns and relationships within geographic regions by examining multiple variables simultaneously.

Present And Potential Customers

Existing customers who currently purchase from a business and potential customers who may do so in the future.

Sales Force Management

The process of directing and supervising a team of sales personnel to achieve sales targets.

Maximize Sales Potential

Maximizing sales potential involves strategies and efforts put in place by organizations or individuals to increase the likelihood of selling a product or service to its full capability or market opportunity.