Consider two markets: the market for cat food and the market for dog food. the initial equilibrium for both markets is the same, the equilibrium price is $5.50 , and the equilibrium quantity is 39.0 . when the price is $7.75 , the quantity supplied of cat food is 71.0 and the quantity supplied of dog food is 101.0 . for simplicity of analysis, the demand for both goods is the same. using the midpoint formula, calculate the elasticity of supply for dog food. round to two decimal places. supply in the market for cat food is

elasticity supply of dog food = 2.61

elasticity supply of cat food = 1.71

Step-by-step explanation:

The midpoint formula for elasticity is:

Point 1: Q = 39.0 and P = 5.50

Point 2: Q = 101.0 and P = 7.75

Doing the same for the cat food:

step-by-step explanation:

consider an orange peel: if you want to try and lay it flat, you have to stretch it, we know exactly how things are being stretched or squashed at any given point. we have many different map projections because each has different patterns of some projections can even preserve certain features of the earth without

take the logarithm of both sides (the base of the log doesn't matter):

apply the exponent property - this says that :

distribute the log terms on both sides:

group like terms together:

divide through both sides by the coefficient on :

you can do some additional rewriting here using the properties of the logarithm to simplify things if you like: