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The price elasticity of supply

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Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work you used to support your answer.

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The price elasticity of supply is questioned.

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Percentage Change in Price=(new price - initial price)/Initial Price = (4 - 3.50)/3.50 = 1/7
Percentage Change in Quantity Demanded=((new quantity- ...

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