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Calculate the price elasticity of supply

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The number has jumped 60% since last year. When prices were falling, the number fell from 2,000 in 2015 to only 480 in 2016. For the week of March 10, 2017 the number was at 762. The elasticity of the supply is around 0.1.

Calculate the price elasticity of supply between 2016 and 2017 if the price of oil increased by 20% in the same time period and round the answer to one decimal place.

Reference no: EM132130183

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