Holding All Other Factors Constant and Using the Midpoint Method,if

question 12

Multiple Choice

Holding all other factors constant and using the midpoint method,if a pencil manufacturer increases production by 20 percent when the market price of pencils increases from $0.50 to $0.60,then supply is

• A) inelastic,since the price elasticity of supply is equal to .91.
• B) inelastic,since the price elasticity of supply is equal to 1.1.
• C) elastic,since the price elasticity of supply is equal to 0.91.
• D) elastic,since the price elasticity of supply is equal to 1.1.

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Definitions:

Macronutrients

Essential nutrients required in large amounts for human health, including carbohydrates, proteins, and fats.

Copper

A reddish-brown metal with high electrical and thermal conductivity, widely used in electrical wiring and in alloying.

Pressure Flow Theory

A model explaining how sugars are transported in plants, suggesting that sugars move from sources, where they are produced, to sinks, where they are used or stored, through the phloem via pressure gradients.

Nitrogen-Fixing Bacteria

Bacteria that convert atmospheric nitrogen into ammonia, a form accessible to plants for nutrition.