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What is the elasticity of supply for new homes in south

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Reference no: EM13337360

In 2003, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2004, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else equal, 534 new homes were built. Using the midpoint method, what is the elasticity of supply for new homes in South Tampa.

Reference no: EM13337360

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