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Suppose When the Price of Pizza Goes from $8 to $12

Question 106
Multiple Choice

Suppose when the price of pizza goes from $8 to $12 per pie,production increases from 2,500 pies to 4,000 pies per month.Using the mid-point method,the percentage change in price is: A) 40 percent B) 46 percent C) 1.31 D) 0.35

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Q 107
Suppose when the price of pineapples goes from $5 to $3 per pineapple,production decreases from 3,500 pineapples to 2,000 pineapples per year.Using the mid-point method,the percentage change in price would be: A) 0.50 B) 50 percent C) 0.54 D) 54 percent
Q 108
Suppose when the price of novels goes from $15 to $20 per book,production increases from 760 million books to 840 million books per year.Using the mid-point method,the price elasticity of supply is: A) 0.77 B) 28.5 percent C) 37 percent D) 0.35
Q 109
A determinant of the price elasticity of supply that is also a determinant of the price elasticity of demand is: A) availability of inputs. B) flexibility of the production process. C) adjustment time. D) whether the good is a luxury or a necessity.
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