Suppose When the Price of Novels Goes from $15 to $20

question 79

Multiple Choice

Suppose when the price of novels goes from $15 to $20 per book,production increases from 760 million books to 840 million books per year.Using the mid-point method,the price elasticity of supply is:

• A) 0.77
• B) 28.5 percent
• C) 37 percent
• D) 0.35

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Definitions:

Eardrum

A thin membrane that vibrates in response to sound waves, transmitting these vibrations to the middle ear.

Decibels

A unit of measurement for the intensity of sound, representing the ratio of a given sound pressure level to a reference level, oftentimes indicating the loudness of sound.

Amps

Units of electric current, short for amperes, representing the flow of charge per second.

ESPs

Extrasensory perception, involving the reception of information not gained through the recognized physical senses but sensed with the mind.