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Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from US$45 a ton to US$35 a ton and quantity
Suppose favorable weather increased the supply of tomatoes so that the price of tomatoes fell from US$45 a ton to US$35 a ton and quantity sold increased from 300 tons to 420 tons. What is the value of the price elasticity of supply? Is It elastic, inelastic or unit elastic? Explain why. Write the mid-point formula, show your calculations
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