The table sets out the supply schedule of longdistance phone calls. Calculate the elasticity of supply when
Question:
The table sets out the supply schedule of longdistance phone calls.
Calculate the elasticity of supply when
a. The price falls from 40¢ to 30¢ a minute.
b. The average price is 20¢ a minute.
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Step by Step Answer:
To calculate the elasticity of supply we use the formula Elasticity of Supply Es frac Change in Quantity Supplied Change in Price Lets calculate the e...View the full answer
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