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Business, 18.09.2019 03:20 Rflaig1129841

Consider the market for a natural resource, where the price is initially $20 comma 000 per ton and 40 comma 000 thousand tons are supplied. suppose the price of the resource falls to $19 comma 000 per ton, at which price the market supplies 39 comma 500 thousand tons. what is the price elasticity of supply between these prices? using the midpoint formula, the price elasticity of supply is . 245. (enter your response as a real number rounded to two decimal places.) as such, supply is inelastic .

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