question archive When the price of pine saw timber in South Carolina increased from $30 per ton to $32 per ton, the quantity one producer supplied increased from 2000 tons per month to 2100 tons per month
When the price of pine saw timber in South Carolina increased from $30 per ton to $32 per ton, the quantity one producer supplied increased from 2000 tons per month to 2100 tons per month
Subject:EconomicsPrice:2.88 Bought3
When the price of pine saw timber in South Carolina increased from $30 per ton to $32 per ton, the quantity one producer supplied increased from 2000 tons per month to 2100 tons per month.
a. Calculate the price elasticity of supply for this producer. Show your work.
b. Is the supply for lumber elastic or inelastic for this producer?
