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german
3 years ago
11

The price elasticity of supply for umbrellas is 2. Suppose you're told that following a price increase, quantity supplied increa

sed by 30 percent. What was the percentage change in price that brought this about
Business
1 answer:
salantis [7]3 years ago
7 0

Answer:

15%

Explanation:

The formula and the calculation of the price elasticity of supply are presented below:

Price elasticity of supply = (Percentage change in quantity supplied ÷ percentage change in price)

where,

Price elasticity of supply = 2

And, the percentage change in quantity supplied is 30%

So, the percentage change in price is

= 30% ÷ 2

= 15%

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Answer:

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The answer is, larger; downward.

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<h3>What causes wage increase?</h3>
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