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nordsb [41]
3 years ago
12

The price of cheddar cheese rises from $1 per pound to $2 per pound, and as a result, producers of cheese increase their product

ion from 5 thousand tons per month to 55 thousand tons per month. What is the arc price elasticity of supply
Business
1 answer:
Mazyrski [523]3 years ago
4 0

Answer:

the arc price elasticity of supply is \frac{5}{2}

Explanation:

Given:

P1: $1 and Q1 = 5 thousand tons

P2:$2 and Q2 = 55 thousand tons

We need to find:

%ΔQ = \frac{Q2-Q1}{(Q1+Q2)/2} = \frac{55-5}{(55+5)/2} = \frac{5}{3}

%ΔP = \frac{P2-P1}{(P1+P2)/2} = \frac{2-1}{(1+2)/2} = \frac{2}{3}

As we know that, the arc price elasticity of supply :

E = %ΔQ  / %ΔP

<=> E = \frac{5}{3} /\frac{2}{3} = \frac{5}{2}

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