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How elastic is the good shown in the schedule

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Reference no: EM133599413

Question: Using the supply schedule explain the following using economic terms. Price Supply 1 Supply 2 $2 3 0 $3 9 5 $5 18 16 $8 29 25 $11 42 38 • What is the relationship between price and supply (whether it is Supply 1 or Supply 2)? • What happens to supply when the price of the good is changed from $8 to $3?

• What happens to supply when the price of the good is changed from $5 to $11?

• What might cause supply to change from Demand 1 to Demand 2? Explain your answer.

• How elastic is the good shown in the schedule? How do you know?

Reference no: EM133599413

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