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Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run. If an increase in the demand for minivans causes the price of minivans to increase by 5%, what is the result in terms of the quantity supplied of minivans?
Answers: 2
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Suppose the price elasticity of supply for minivans is 0.3 in the short run and 1.2 in the long run....
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