34. If the price elasticity of supply is 1.2, and price increased by 5%, quantity supplied would increase by 4.2%. increase by 6%. C. decrease by 4.2%. d. decrease by 6%. a. b. a
34. If the price elasticity of supply is 1.2, and price increased by 5%, quantity supplied would increase by 4.2%. increase by 6%. C. decrease by 4.2%. d. decrease by 6%. a. b. a
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 7QR: How is the price elasticity of supply calculated? Explain what it measures.
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![34. If the price elasticity of supply is 1.2, and price
increased by 5%, quantity supplied would
a.
increase by 4.2%.
b. increase by 6%.
C.
d.
decrease by 4.2%.
decrease by 6%.
6 CUL](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa6be32a8-fed6-4558-9737-c41494dcca1c%2Fa07d1682-1c56-4132-91eb-38b83f59c1cf%2Fotc7e7x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:34. If the price elasticity of supply is 1.2, and price
increased by 5%, quantity supplied would
a.
increase by 4.2%.
b. increase by 6%.
C.
d.
decrease by 4.2%.
decrease by 6%.
6 CUL
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