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O-LevelEconomicsThe allocation of resources2281/12 · May/June 2024 · Q81 Mark

In response to an increase in price from $5 per kg to $6 per kg, a farmer increased supply from 400 kg to 500 kg per week. What is the price elasticity of supply?

A0.8

B0.9

C1.2

D1.25

✓ Correct answer

D: 1.25

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About this question

Topic: The allocation of resources, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2024 Paper 1 Variant 2, question 8.

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