Suppose the Current Price of Barley Is $7 Per Bushel

question 12

Multiple Choice

Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are grown by a Colorado farmer.If the price of barley rises to $8 and quantity supplied increases to 130,000 bushels,then using the midpoint method,the price elasticity of supply for barley equals

• A) 13.33.
• B) 26.78.
• C) 1.96.
• D) 0.51.
• E) Zero.

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Definitions:

Own Property

The legal right or interest that an individual has in a piece of land or a building.

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African Americans who were not enslaved before the abolition of slavery, living in both the North and South of the United States.

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Free Frank

Free Frank McWorter was an African-American man who bought his freedom from slavery, and later established the town of New Philadelphia, Illinois.