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)
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