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Examine whether quantity supplied will increase or decrease

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Reference no: EM132175389

Question: In each of the following instances, determine whether quantity supplied will increase or decrease, and by how much.

a. If price elasticity of supply is 1.3 and price increases by 2 percent, quantity supplied will by percent.

b. If price elasticity of supply is 0.3 and price decreases by 2 percent, quantity supplied will by percent.

Reference no: EM132175389

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