If the price increases by 20 percent and the quantity supplied increases by 40 percent, what does the elasticity of supply equal?
What will be an ideal response?
The price elasticity of supply = (percentage change in the quantity supplied) ÷ (percentage change in price) = (40 percent) ÷ (20 percent) = 2.00.
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Answer the following statement true (T) or false (F)
Examples of transfers-in-kind include
A) tax rebates on both the federal and state levels. B) taxes on alcohol and tobacco. C) food stamps and public housing. D) political advertising.
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Refer to the information provided in Figure 4.1 below to answer the question(s) that follow. Figure 4.1Refer to Figure 4.1. At the world price of 30 cents per apple, the United States imports ________ million apples per day.
A. 2 B. 4 C. 6 D. 10