Figure 5-14
-Refer to Figure 5-14.Using the midpoint method,what is the price elasticity of supply between $100 and $220?

Name: Figure 5-14 -Refer to Figure 5-14.Using the midpoint method,what is the price elasticity of supply between $100 and $220?
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Question

Figure 5-14 
-Refer to Figure 5-14.Using the midpoint method,what is the price elasticity of supply between $100 and $220?

Quizplus · Accepted Answer

The midpoint method for calculating elasticity is:%ΔQ/%ΔP = (Q2 - Q1) / (P2 - P1) * (P2 + P1) / (Q2 + Q1)Plugging in the values from the graph, we get:%ΔQ/%ΔP = (200 - 100) / (220 - 100) * (220 + 100) / (200 + 100) = 0.58

Figure 5-14 -Refer to Figure 5-14.Using the Midpoint Method,what Is the Price