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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