Business, 11.03.2020 22:55 cabr379

Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is
$
6.50
, and the equilibrium quantity is
27.0
. When the price is
$
10.75
, the quantity supplied of motorcycles is
61.0
and the quantity supplied of pancakes is
109.0
. For simplicity of analysis, the demand for both goods is the same.

Using the midpoint formula, calculate the elasticity of supply for pancakes. Please round to two decimal places.

Supply in the market for motorcycles is

There is not enough information to tell which has a higher elasticity.

less elastic than supply in the market for pancakes.

the same elasticity as supply in the market for pancakes.

more elastic than supply in the market for pancakes.

Answers: 2

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Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibriu...

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