Consider the market for a natural resource where the price is initially $12,000 per ton and 6,000 thousand tons are supplied

Economics Dec 23, 2020

Consider the market for a natural resource where the price is initially $12,000 per ton and 6,000 thousand tons are supplied. Suppose the price of the resource falls to $11,500 per ton, with which the market supplies 4,000 thousand tons. Using the midpoint formula, what is the price elasticity of supply between these two prices?

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