Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $0.50 , and the equilibrium quantity is 31.0 . When the price is $12.75 , the quantity supplied of coffee is 65.0 and the quantity supplied of hot cocoa is 103.0 . For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimal places.
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Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium fo...
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