Organic vegetables are traded in a competitive world market, and the world price is USD 9/lb. unlimited quantities are available for import into the United States at this price. The U.S. domestic supply for various price levels are shown as follows:
$\begin{array}{lc}
\underline {\text { Price (usd /lb)} } & \underline {\text { US Supply (million lbs) } } \
3&2 \
6&4 \
9&6 \
12&8 \
15&10 \
18&12

\end{array}$
A. What is the equation for supply?
B. At a price of USD 9/lb, what is the price elasticity of supply?
C. At a price of USD 12/lb, what is the price elasticity of supply?

Question

Organic vegetables are traded in a competitive world market, and the world price is USD 9/lb. unlimited quantities are available for import into the United States at this price. The U.S. domestic supply for various price levels are shown as follows:
 $\begin{array}{lc}
 \underline {\text { Price (usd /lb)} } &  \underline {\text { US Supply (million lbs) } } \
3&2 \
6&4 \
9&6 \
12&8 \
15&10 \
18&12

\end{array}$ 
A. What is the equation for supply? 
B. At a price of USD 9/lb, what is the price elasticity of supply? 
C. At a price of USD 12/lb, what is the price elasticity of supply?

Quizplus · Accepted Answer

The Answer of Organic vegetables are traded in a competitive world market, and the world price is USD 9/lb. unlimited quantities are available for import into the United States at this price. The U.S. domestic supply for various price levels are shown as follows:
 $\begin{array}{lc}
 \underline {\text { Price (usd /lb)} } &  \underline {\text { US Supply (million lbs) } } \
3&2 \
6&4 \
9&6 \
12&8 \
15&10 \
18&12

\end{array}$ 
A. What is the equation for supply? 
B. At a price of USD 9/lb, what is the price elasticity of supply? 
C. At a price of USD 12/lb, what is the price elasticity of supply?

Organic Vegetables Are Traded in a Competitive World Market, and the World