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12 May, 12:40

The supply of product x is elastic if the price of x rises by

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  1. 12 May, 15:18
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    The answer to this question is 5% and the quantity supplied rises by 7%.

    A product is considered as elastic if the change in prices will also affect the changes in total supply.

    Usually, this type of products are not considered unique or rare and there are a lot of substitute for this product in the market
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