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If the price elasticity of supply is 0.5 and the quantity supplied decreases by g 6%, then the price must:_______

Answer :

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Answer: Price decreased by 12%

Explanation:

Price elasticity = %Change in quantity / % change in price

0.5 = 6% / % change in price

0.5 * % change in price = 6%

% change in price = 6%/0.5

% change in price = 12%

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