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Problem 5: Consider the following supply schedule for bags. Quantity rice Supplied $10 433 $20 463 $30 493 $40 523 $50 553 $60 583 $70

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Problem 5: Consider the following supply schedule for bags. Quantity rice Supplied $10 433 $20 463 $30 493 $40 523 $50 553 $60 583 $70 613 $80 643 Suppose that the price of bags increases from 60 to $70. Is it elastic or inelastic supply? Solve for the pric elasticity coefficient of supply

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