Asked by Denise
When the price of paper increases from $250 to $257 per ton, the quantity supplied increases from 350 to 390 tons per day. The price elasticity of supply is:
Answers
Answered by
MathMate
In math, knowing the definition of related terms can help solve a large number of problems.
For example, if we know the definition of price elasticity, we can solve the above problem.
Definition:
The elasticity is represented in numerical form, and is defined as the percentage change in the quantity supplied divided by the percentage change in price.
For example, if we know the definition of price elasticity, we can solve the above problem.
Definition:
The elasticity is represented in numerical form, and is defined as the percentage change in the quantity supplied divided by the percentage change in price.
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