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a. What is the formula for measuring the price elasticity of supply? O Percentage change in quantity supplied/percentage change in income . O Percentage change

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a. What is the formula for measuring the price elasticity of supply? O Percentage change in quantity supplied/percentage change in income . O Percentage change in quantity demanded/percentage change in income O Percentage change in quantity supplied/percentage change in price O Percentage change in quantity demanded/percentage change in price b. Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1,200 boxes of apples instead of 1,000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Goldsboro's supply. Instructions: Round your answer to two decimal places. ES= c. Is its supply elastic, or is it inelastic? O Elastic O Inelastic

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