(Answered) Question the table sets out the supply schedule of

Economics

Question: The table sets out the supply schedule of jeans.

Price (dollars per pair) Quantity supplied
(millions of pairs per year)

120 24

125 28

130 32

135 36

a. Calculate the elasticity of supply when the price rises from $125 to $135 a pair.

b. Calculate the elasticity of supply when the average price is $125 a pair.

c. Is the supply of jeans elastic, inelastic, or unit elastic?

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Microeconomics, Economics

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