Business, 21.02.2020 01:20 pringleosmond

Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $6.50, and the equilibrium quantity is 21.0. When the price is $8.75, the quantity supplied of cat food is 61.0 and the quantity supplied of dog food is 107.0. For simplicity of analysis, the demand for both goods is the same Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places. Supply in the market for cat food is a. the same elasticity as supply in the market for dog food. b. There is not enough information to tell which has a higher elasticity. c. less elastic than supply in the market for dog food. d. more elastic than supply in the market for dog food.

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Consider two markets: the market for cat food and the market for dog food. The initial equilibrium f...

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