Suppose That an Increase in the Price of Melons from $1.30

question 76

Multiple Choice

Suppose that an increase in the price of melons from $1.30 to $1.80 per pound increases the quantity of melons that melon farmers produce from 1.2 million pounds to 1.6 million pounds.Using the midpoint method,what is the approximate value of the price elasticity of supply?

• A)0.67
• B)0.89
• C)1.00
• D)1.13

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Definitions:

Agreeableness

A personality trait that involves being compassionate, cooperative, warm, and friendly towards others.

Big Five Model

A theory in psychology proposing five core dimensions of human personality: Openness, Conscientiousness, Extraversion, Agreeableness, and Neuroticism.

Tolerant

Characterized by an acceptance or endurance of differing views, beliefs, or behaviors without undue criticism or prejudice.

Extroversion And Sensing

Personality traits that involve being outgoing, energetic, and focusing on the external, tangible world.