The Coefficient of Price-Elasticity of Supply for a Product Is

question 326

Multiple Choice

The coefficient of price-elasticity of supply for a product is 1.2 if

• A)a 3 percent decrease in the price causes a 0.4 percent decrease in quantity supplied.
• B)a 3 percent decrease in price causes a 1.2 percent decrease in quantity supplied.
• C)a 3 percent decrease in price causes a 3.6 percent decrease in quantity supplied.
• D)a 1.2 percent decrease in price causes a 1.2 percent decrease in quantity supplied.

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Definitions:

AGI

Adjusted Gross Income (AGI) refers to an individual's total gross income minus specific deductions used to determine their taxable income on a federal tax return.

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Retirement Savings Contributions Credit

A tax credit that encourages low to moderate income taxpayers to make contributions to qualified retirement accounts.

AGI

Adjusted Gross Income is the total income minus specific deductions, used to determine taxable income on an individual's tax return.