Suppose an Increase in World Demand for Potash (Used in the Production

question 109

Multiple Choice

Suppose an increase in world demand for potash (used in the production of fertilizer) increases the price by 22 percent.Annual Canadian production increases by 33 percent.What is the elasticity of supply of Canadian potash?

• A)0.22
• B)0.33
• C)0.67
• D)1.0
• E)1.5

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Definitions:

Improved

To have become better or more advanced in quality or condition.

Dependent Variable

In an experiment, it is the variable that is being tested and measured, expected to change as a result of manipulations to the independent variable.

Memorizing Poetry

The act of committing poems to memory for the purpose of internalizing its content, structure, and expressive qualities.

Dependent Variable

In scientific research, the variable being tested and measured, which is expected to change as a result of manipulations to the independent variable.