Compute coefficient of price elasticity for goldsboro supply

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What is the formula for measuring the price elasticity of supply? Suppose the price of apples goes up from $20 to $22 a box. In direct response, Goldsboro Farms supplies 1200 boxes of apples instead of 1000 boxes. Compute the coefficient of price elasticity (midpoints approach) for Golds- boro's supply. Is its supply elastic, or is it inelastic?

Reference no: EM13209703

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