Interpret about the algebraic signs of coefficients

Reference no: EM1312172

Provided below is the supply schedule for s given product. Use this data to answer the following.

Price elasticity of supply	Units supplied	Price
	0	2
	2	4
	4	6
	6	8
	8	10
	10	12
	12	14
	14	16

Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
What do you notice about the algebraic signs for the values that you have just computed? Explain why this is so.
Write the expression for the price-elasticity of supply as the ratio of a marginal concept and an average concept. Explain why all linear supply curves emanating from the origin manifest unitary price-elasticity.

Reference no: EM1312172

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