The Price Elasticity of Supply for Umbrellas Is 2

question 174

Multiple Choice

The price elasticity of supply for umbrellas is 2.Suppose you're told that,following a price increase,quantity supplied increased by 30 per cent.What was the percentage change in price that brought this about?

• A) 60 per cent
• B) 15 per cent
• C) 6.7 per cent
• D) Impossible to determine without additional information

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