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Suppose that people are trying to get their favorite players' cards and are currently buying 100 packs of cards at a price of $5.00 per
Suppose that people are trying to get their favorite players' cards and are currently buying 100 packs of cards at a price of $5.00 per pack. Suppose that there is now some special foil version of the cards that people go crazy for increasing the demand for cards (show this graphically). The increase in demand causes people to now buy 150 packs of cards at a price of $6.00 per pack. Based on this information what is the elasticity of supply? Is the supply elastic or inelastic?
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