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When the price of oil is $80 per barrel, the quantity of oil supplied is 74 million barrels per day. When the price of oil is $60 per barrel, the quantity of oil supplied is 71 million barrels per day. What is the elasticity of supply of oil? (Use the midpoint method.)
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Commodity Prices
The prices of basic goods that are typically used as inputs in the production of other goods and services, such as metals, agricultural products, and energy sources.
Resource Consumption
The use of resources, such as raw materials, energy, and labor, in the production of goods and services.
Productivity
The measure of output produced per unit of input used, indicating the efficiency and effectiveness of economic activity or production processes.
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