APFIVE Price Elasticity of Supply Calculation
A technological improvement in the production of electric cars reduces the cost, shifting the supply curve rightward. As a result, the price decreases from $30,000 to $28,000, and the quantity supplied increases from 100 to 120 cars. Calculate the price elasticity of supply based on this information.
A
0.50
B
1.50
C
2.00
D
3.00
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