An increase in the price of cheese crackers from $2.25 to $2.45 per box causes suppliers of cheese crackers to increase their quantity supplied from 125 boxes per minute to 145 boxes per minute. using the midpoint method, supply is a. inelastic, and the price elasticity of supply is 1.74. b. elastic, and the price elasticity of supply is 0.57. c. elastic, and the price elasticity of supply is 1.74. d. inelastic, and the price elasticity of supply is 0.57.
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