Use the midpoint formula to compute the price elasticity of, Econometrics

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Use the midpoint formula to compute the price elasticity of

Copper Price Elasticity of Supply. Suppose the price of copper increases from $1,500 to $2,500 per ton and the quantity supplied increases from 9 million tons to 11 million tons. Use the midpoint formula to compute the price elasticity of supply for copper. (Related to Application 4 on page 529.)

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Econometrics: Use the midpoint formula to compute the price elasticity of

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