Suppose When the Price of Jean-Jackets Increased by 10 Percent

question 165

Multiple Choice

Suppose when the price of jean-jackets increased by 10 percent, the quantity supplied increased by 16 percent.Based on this information the price elasticity of supply of jean-jackets is

• A)0.625.
• B)6%.
• C)1.6.
• D)1.6%.

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Definitions:

Experimental Data

Information gathered through controlled tests and experiments to investigate hypotheses or understand cause-and-effect relationships.

Observational Data

Information collected through direct observation of behaviors, processes, or events, as opposed to data gathered through experiments or surveys.

Patronage

The support, encouragement, privilege, or financial aid that an organization or individual bestows to others.

Urban College

An institution of higher education located in an urban environment, often offering a diverse range of programs and access to rich cultural and professional opportunities.