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Consider two markets. The initial equilibrium for both markets is the same, P = $4.50, and Q = 27.0. When the price is $7.75, the quantity supplied of cat food is 61.0 and the quantity supplied of snake oil is 109.00. The demand for both goods is the same (for simplicity of analysis). Use this information to answer the questions below:

Using the midpoint formula, calculate the elasticity of supply for snake oil? Please round to two decimal places.

Supply in the market for cat food is:

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Business Economics, Economics

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