Problem
Weak Coal Prices Hit China's Third-Largest Coal Miner The chairman of Yanzhou Coal Mining reported that the recession had decreased the demand for coal, with its sales falling by 11.9 percent to 7.92 million tonnes from 8.99 million tonnes a year earlier, despite a 10.6 percent cut in the price. Calculate the price elasticity of supply of coal. Is the supply of coal elastic or inelastic?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.