Suppose the Current Price of Barley Is $7 Per Bushel

question 334

Multiple Choice

Suppose the current price of barley is $7 per bushel and at that price 100,000 bushels are grown by a Colorado farmer.If the price of barley rises to $8 and quantity supplied increases to 130,000 bushels,then using the midpoint method,the price elasticity of supply for barley equals

• A) 13.33.
• B) 26.78.
• C) 1.96.
• D) 0.51.
• E) zero.

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