Using the midpoint method, the price elasticity of supply when the price rises from $3 to $4 is ___ and this is considered to be ____. | Price | Quantity Supplied | | :--- | :--- | | $0 | 0 | | $1 | 45 | | $2 | 100 | | $3 | 160 | | $4 | 225 | a) 1.18; elastic b) 0.78; elastic c) 1.35; inelastic d) 1.51; elastic
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However, the question is not clear due to typographical errors and missing information. Elasticity in economics refers to the degree of responsiveness of demand or supply to changes in price or income. It is usually measured as the percentage change in quantity Show more…
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