Suppose When the Price of Jean-Jackets Increased by 10 Percent

question 165

Multiple Choice

Suppose when the price of jean-jackets increased by 10 percent, the quantity supplied increased by 16 percent.Based on this information the price elasticity of supply of jean-jackets is

• A)0.625.
• B)6%.
• C)1.6.
• D)1.6%.

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Definitions:

Financing Statement

A document filed to give public notice to third parties of a secured party's interest in the collateral offered by a debtor.

Perfect

To complete or make flawless; in legal terms, it often refers to making a claim or security interest legally valid or enforceable.

Insuring

The act of providing or arranging insurance as protection against a possible eventuality.

Collateral

An asset that a borrower offers to a lender as security for a loan, which can be seized if the borrower fails to repay the loan.