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Figure 5-14 Price 430 Supply 220 100 40 16 S 9 14 20 Quantity 1. Refer to Figure 5-14. Using the midpoint method, what is

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Figure 5-14 Price 430 Supply 220 100 40 16 S 9 14 20 Quantity 1. Refer to Figure 5-14. Using the midpoint method, what is the price elasticity of supply between $16 and $40? a. 0.12 5 b. 0.86 c. 1.0 d. 12.5 Figure 6-6 20 Price 18 - 16 - 14 12 - 10 - D 10 20 30 40 50 60 70 80 quantity 2. Refer to Figure 6-6. Which of the following price ceilings would be binding in this market? la. $8 b. $6 c. $1 d. $1

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