Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets i

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Consider Two Markets The Market For Motorcycles And The Market For Pancakes The Initial Equilibrium For Both Markets I 1 (55.29 KiB) Viewed 48 times

Consider two markets: the market for motorcycles and the market for pancakes. The initial equilibrium for both markets is the same, the equilibrium price is $3.50, and the equilibrium quantity is 27.0. When the price is $8.75, the quantity supplied of motorcycles is 69.0 and the quantity supplied of pancakes 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 pancakes. Please round to two decimal places. Supply in the market for motorcycles is the same elasticity as supply in the market for pancakes. O less elastic than supply in the market for pancakes. more elastic than supply in the market for pancakes. O There is not enough information to tell which has a higher elasticity.