Math Problem Statement

Solution

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Math Problem Analysis

Mathematical Concepts

Price Elasticity of Supply
Midpoint Formula
Percentage Change

Formulas

PES = (% Change in Quantity Supplied) / (% Change in Price)
% Change = (New Value - Old Value) / ((New Value + Old Value) / 2) * 100

Theorems

Elasticity of Supply

Suitable Grade Level

Grades 10-12 (High School Economics)