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The equation for a supply curve is 4P = Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?

11So, the elasticity is expected to be exactly same in both the cases 1 and 2 because percentagechange in quantity and price are same in both cases.

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Chapter 5

Elasticity

How Markets Work

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So this question we have the equation for a time. Speak was cute, and this is the elasticity of supply. So price 10 years from 3 to 4 and from 7 to 8. What is your assisting? So they're too wasted to this one. Is this calculating elasticity? If we use the midpoint formula, okay, for the first, we need to find out what the quantity is for each price level. So we plug in three. We find that we get a quantity of 12 plugging before we get the quantity. A 16. And we did the same thing for seven and eight and we'll get quantities 28 32. Now, listen. If you see midpoint formula, weaken Just looking first for 3 to 4. We plug in, 16 ask you to. So we say this is cute, too. And this is Cuba. So we calculate that and price again price gonna go from 4 to 3 and we get the president's insidious one. Okay. And we give you the same thing for 7 to 8. But we would find that it's again one. How do we know that just because this equation that were given here is a straight line. So for each Christ, quantity increases by four. So if prices one, one that is gonna be good to four and then ate and so on and so forth you will get a straight line and as we know the supplying a straight lines a platter me into taking it elastic supply curve. Now, since that is the case, we know that equal increase. So from 3 to 4 from 7 to 80 for me to nine from 5 to 6 will have the same elasticity asked going from 34

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