(Figure) The figure shows two supply curves for two different periods for the same product. If the price of the product increased from $20 to $25, the price elasticity of supply will be _____ in the short run and _____ in the long run using the midpoint method.

A) 1; 1.8
B) 0.56; 1
C) 1.8; 1.5
D) 1; 1.67

Question

(Figure) The figure shows two supply curves for two different periods for the same product. If the price of the product increased from $20 to $25, the price elasticity of supply will be _____ in the short run and _____ in the long run using the midpoint method.
(Figure) The figure shows two supply curves for two different periods for the same product. If the price of the product increased from $20 to $25, the price elasticity of supply will be _____ in the short run and _____ in the long run using the midpoint method. A) 1; 1.8 B) 0.56; 1 C) 1.8; 1.5 D) 1; 1.67

A) 1; 1.8 
B) 0.56; 1 
C) 1.8; 1.5 
D) 1; 1.67

Quizplus · Accepted Answer

The Answer of (Figure) The figure shows two supply curves for two different periods for the same product. If the price of the product increased from $20 to $25, the price elasticity of supply will be _____ in the short run and _____ in the long run using the midpoint method.

A) 1; 1.8 
B) 0.56; 1 
C) 1.8; 1.5 
D) 1; 1.67

(Figure) the Figure Shows Two Supply Curves for Two Different