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You interview the sellers of honey at your local farmer's market. You find, that at a price of $10 they are willing to supply 120

You interview the sellers of honey at your local farmer's market. You find, that at a price of $10 they are willing to supply 120 jars each week. If the price increased by 20% to $12, they would be willing to supply 150 jars. Using the simple formula, you conclude that the price-elasticity of supply for honey at your local market is

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