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Below is a table revealing information pertaining to the supply of books. Point Price (RM) Quantity supplied J 8 50 K 9 70 L 10
Below is a table revealing information pertaining to the supply of books. Point Price (RM) Quantity supplied J 8 50 K 9 70 L 10 80 M 11 88 N 12 95 P 13 100 Required: Based on the information from the table above, calculate the price elasticity of supply (using the Mid-Point formula) and classify the type of elasticity based on your answer for each of the point movements as below: (i) Point I to Point K (4 marks) (ii) Point N to Point P(4 Marks)
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