question archive When the price of widgets increases from $100/widget, to $140/widget, the quantity supplied increases, from 1100 widgets per week, to 1300 widgets per week
When the price of widgets increases from $100/widget, to $140/widget, the quantity supplied increases, from 1100 widgets per week, to 1300 widgets per week
Subject:EconomicsPrice:2.88 Bought3
When the price of widgets increases from $100/widget, to $140/widget, the quantity supplied increases, from 1100 widgets per week, to 1300 widgets per week. Using the midpoints formula, the price elasticity of supply of widgets must be:
A) unit elastic
B) inelastic, but not perfectly so
C) perfectly elastic
D) perfectly inelastic
E) elastic, but not perfectly so
Option 1
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