question archive If the elasticity of supply of crude oil is 1
If the elasticity of supply of crude oil is 1
Subject:EconomicsPrice:2.88 Bought3
If the elasticity of supply of crude oil is 1.5, how much will production have to increase to match a 10% price increase?
a) 2.5%
b) 8%
c) 10%
d) 15%
e) 25%
f) 40%
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