A good has a price elasticity of supply of +0.8. At present, the quantity supplied of the good is 200 units per week at a market price of £800 per unit. If the price rises to £1000 per unit then the quantity supplied per week would
1 )
increase to 250 units.
increase to 240 units.
3 )
increase to 360 units.
4 )
decrease to 160 units.
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