Suppose an Increase in Demand Causes the Price to Increase

question 152

Multiple Choice

Suppose an increase in demand causes the price to increase from $2 to $4 and the quantity to increase from 1,000 to 1,800.Using the midpoint method,the elasticity of supply equals

• A) 0.86.
• B) 1.17.
• C) 2.74.
• D) 0.68.
• E) None of the above answers is correct.

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Definitions:

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The portion of a vertebra that encapsulates and protects the spinal cord, forming the backside of the spinal canal.

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A complex network of nerves and cells that transmit signals between different parts of the body.

Involuntary Bodily Functions

These are physiological processes that are not under conscious control, such as breathing, heartbeat, and digestion.