Holding All Other Factors Constant and Using the Midpoint Method,if

question 56

Multiple Choice

Holding all other factors constant and using the midpoint method,if a tractor manufacturer increases production from 80 to 100 units when price increases by 15 percent,then supply is

• A)inelastic,since the price elasticity of supply is equal to 0.68.
• B)inelastic,since the price elasticity of supply is equal to 1.48.
• C)elastic,since the price elasticity of supply is equal to 0.68.
• D)elastic,since the price elasticity of supply is equal to 1.48.

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Definitions:

Jewish Refugees

Individuals of Jewish ancestry who were forced to flee their homes to escape persecution, particularly during events such as the Holocaust in World War II.

Allies

Countries that form partnerships or alliances with one another, especially during wartime, to achieve common goals and oppose common adversaries.

Exterminate Jews

Refers to the systemic genocide of approximately six million Jews carried out by Nazi Germany before and during the Second World War.

Japanese Invasion

Denotes the period during World War II when Japan expanded its empire by forcefully occupying territories in Asia and the Pacific, significantly impacting the course of global events.