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

question 11

Multiple Choice

Suppose that an increase in the price of carrots from $1.30 to $1.80 per pound increases the quantity of carrots that carrot 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)-1.04
• B) 0.67
• C) 0.89
• D) 1.13

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Definitions:

RC Parallel Circuit

A type of electrical circuit where resistor(s) and capacitor(s) are connected in parallel, affecting the charging and discharging rate of the capacitor.

Capacitive Reactance

Opposition to AC flow in capacitors, varying inversely with the frequency of the operation and the capacitance value.

Supply Voltage

The voltage provided by a power source to operate electrical or electronic equipment.

Capacitance

The ability of a system to store an electric charge, quantitatively measured in farads (F).