question archive On a certain supply curve, one point is (quantity supplied=299, price=$4
Subject:EconomicsPrice:2.88 Bought15
On a certain supply curve, one point is (quantity supplied=299, price=$4.00) and another point is (quantity supplied=250, price=$4.50). Using the midpoint method, the price elasticity of supply is about
a) 0.22. A 1% increase in price results to a 0.22% decrease in quantity supplied
b) 0.22. A 1% increase in price results to a 0.222% increase in quantity supplied
c) 1.89. A 1% increase in price results to a 1.89% decrease in quantity suppllied
d) 1.89. A 1% increase in price results to a 1.89% increase in quantity supplied
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