Suppose the Price Elasticity of Supply for How-To Books Is

question 333

Multiple Choice

Suppose the price elasticity of supply for how-to books is 0.3 in the short run and 1.2 in the long run.If an increase in the demand for how-to books causes the price of how-to books to increase by 36%,then the quantity supplied of how-to books will increase by

• A) 0.8% in the short run and 3.3% in the long run.
• B) 1.2% in the short run and 0.3% in the long run.
• C) 10.8% in the short run and 43.2% in the long run.
• D) 120% in the short run and 30% in the long run.

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Definitions:

MgO Content

The percentage of Magnesium Oxide present in a geological sample, important in determining rock composition and origins.

SiO Content

Refers to the concentration of Silicon Dioxide, a common compound found in the Earth's crust, often significant in determining the composition of rocks and soils.

Mafic Minerals

Dark-colored minerals that are rich in magnesium and iron, typically found in basalt and other mafic rocks.

Quartz

A hard, crystalline mineral composed of silicon and oxygen atoms, used in making jewelry, electronics, and optical devices.