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As the price of a packet of peanuts increases by 5 per cent, the quantity supplied of these peanut packets rises by 8 per cent. What is the elasticity of supply for peanut packets ? |
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Answer» As the price of a packet of peanuts increases by 5 per cent, the quantity supplied of these peanut packets rises by 8 per cent. What is the elasticity of supply for peanut packets ? |
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