Suppose When the Price of Shoe Laces Goes from $1

question 11

Multiple Choice

Suppose when the price of shoe laces goes from $1 to $2 per pair,production increases from 95 million pairs to 105 million pairs per year.Using the mid-point method,the price elasticity of supply is:

• A) 6.28
• B) 66 percent
• C) 10.5 percent
• D) 0.15

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