Price Elasticity of Supply

You thought we were gonna forget about supply, huh?

Concept: Price Elasticity of Supply

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Problem: The price elasticity of supply measures the responsiveness of:

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Problem: If a one percent decrease in the price of a pound of pound cake causes a three percent decrease in the quantity of pound cake supplied:

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Problem: If a decline in the price of flags $9 to $7, caused by a shift in the demand curve, decreases the quantity of flags supplied from 5,500 to 4,500, the:

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