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:

Ordered Pairs

A pair of elements arranged in a specific order, typically (x, y), representing coordinates on a Cartesian plane.

Function

A mathematical relation between a set of inputs and a set of possible outputs, where each input is related to exactly one output.

Evaluate

The process of determining the value of an algebraic expression by substituting numbers into the variables and performing the operations.

Function

A link between a group of inputs and a set of possible outputs, ensuring that every input matches precisely one output.