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Temka [501]
3 years ago
5

Suppose the price elasticity of supply for soccer balls is 0.3 in the short run and 1.2 in the long run. If an increase in the d

emand for soccer balls causes the price of soccer balls to increase by 20%, then the quantity supplied of soccer balls will increase by about:________.
Business
1 answer:
blagie [28]3 years ago
4 0

Answer:

  • 6% in the short run
  • 24% in the long run

Explanation:

In the short run, the effect of a 20% increase in the price of soccer balls will result in a ⇒ 0.3 x 20% = 6% increase in the quantity supplied.

In the long run, the effect of a 20% increase in the price of soccer balls will result in a ⇒ 1.2 x 20% = 24% increase in the quantity supplied.

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