{"id":8814,"date":"2018-05-29T20:00:39","date_gmt":"2018-05-29T20:00:39","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/price-elasticity-of-supply\/"},"modified":"2024-04-25T21:37:27","modified_gmt":"2024-04-25T21:37:27","slug":"price-elasticity-of-supply","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/chapter\/price-elasticity-of-supply\/","title":{"raw":"Price Elasticity of Supply","rendered":"Price Elasticity of Supply"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Calculate the price elasticity of supply<\/li>\r\n<\/ul>\r\n<\/div>\r\n<h2><span class=\"cnx-gentext-section cnx-gentext-t\">Calculating the Price Elasticity of Supply<\/span><\/h2>\r\nThe price elasticity of supply measures how much quantity supplied changes in response to a change in the price. The calculations and interpretations are analogous to those we explained above for the price elasticity of demand. The only difference is we are looking at how producers respond to a change in the price instead of how consumers respond.\r\n\r\n<strong>Price elasticity of supply<\/strong> is the percentage change in the quantity of a good or service supplied divided by the percentage change in the price. Since this elasticity is measured along the supply curve, the law of supply holds, and thus price elasticities of supply are always positive numbers.\r\n\r\nRecall that there are two ways to calculate elasticities: the <strong>point elasticity approach<\/strong> and the <strong>mid-point elasticity approach<\/strong>. The point approach computes the percentage change in quantity supplied by dividing the change in quantity supplied by the initial quantity, and the percentage change in price by dividing the change in price by the initial price. Thus, the formula for the point elasticity approach is [(Qs2 - Qs1)\/Qs1] \/ [(P2 - P1)\/P1].\u00a0The more accurate mid-point formula divides the change in quantity supplied and price by their average values (Qs2 - Qs1)\/[(Qs2+Qs1)\/2] and (P2 - P1)\/[(P2+P1)\/2]. Thus, the formula for the mid-point elasticity approach is (Qs2 - Qs1)\/[(Qs2+Qs1)\/2] \/ (P2 - P1)\/[(P2+P1)\/2].\r\n\r\nWe describe supply elasticities as <strong>elastic<\/strong>, <strong>unitary elastic<\/strong> and <strong>inelastic<\/strong>, depending on whether the measured elasticity is greater than, equal to, or less than one.\r\n<div class=\"textbox exercises\">\r\n<h3>Exercise: Elasticity of Supply from\u00a0Point A to Point B<\/h3>\r\nAssume that an apartment rents for $650 per month and at that price 10,000 units are offered for rent, as shown in\u00a0Figure 2, below. When the price increases to $700 per month, 13,000 units are offered for rent. By what percentage does apartment supply increase? What is the price sensitivity?\r\n\r\n[caption id=\"\" align=\"aligncenter\" width=\"500\"]<img class=\"\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29200038\/CNX_Econ_C05_0231.jpg\" alt=\"The graph shows an upward sloping line that represents the supply of apartments at different prices per month. The x axis indicates the quantity of apartment rentals. The y axis indicates the price in dollars per month. Two points are indicated. Point A shows that there are 10,000 apartments available at $600 per month. Point B shows that there are 13,000 apartments available at $700 per month.\" width=\"500\" height=\"405\" \/> <strong>Figure 2. Price Elasticity of Supply. <\/strong>The price elasticity of supply is calculated as the percentage change in quantity divided by the percentage change in price.[\/caption]\r\n\r\n&nbsp;\r\n\r\n<strong>Step 1.<\/strong> We know that\r\n<p style=\"text-align: center;\">[latex]\\displaystyle\\text{Price Elasticity of Supply}=\\frac{\\text{percent change in quantity}}{\\text{percent change in price}}[\/latex]<\/p>\r\n<strong>Step 2.<\/strong> From the midpoint method we know that\r\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in quantity}=\\frac{Q_2-Q_1}{(Q_2+Q_1)\\div{2}}\\times{100}[\/latex]<\/p>\r\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in price}=\\frac{P_2-P_1}{(P_2+P_1)\\div{2}}\\times{100}[\/latex]<\/p>\r\n<strong>Step 3.<\/strong>\u00a0We can use the values provided in the figure in each equation:\r\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in quantity}=\\frac{13,000-10,000}{(13,000+10,000)\\div{2}}\\times{100}=\\frac{3,000}{11,500}\\times{100}=26.1[\/latex]<\/p>\r\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in price}=\\frac{700-650}{(700+650)\\div{2}}\\times{100}=\\frac{50}{675}\\times{100}=7.4[\/latex]<\/p>\r\n<strong>Step 4.<\/strong> Then, those values can be used to determine the price elasticity of supply:\r\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{Price Elasticity of Supply}=\\frac{26.1\\text{ percent}}{7.4\\text{ percent}}=3.53[\/latex]<\/p>\r\nAgain, as with the elasticity of demand, the elasticity of supply is not followed by any units. Elasticity is a ratio of one percentage change to another percentage change\u2014nothing more\u2014and is read as an absolute value. In this case, a 1% rise in price causes an increase in quantity supplied of 3.5%. Since 3.5 is\u00a0greater than 1, this means that the percentage change in quantity supplied will be greater than a 1%\u00a0price change. If you're starting to wonder if the concept of slope fits into this calculation, read on for clarification.\r\n\r\n<\/div>\r\n<div class=\"textbox examples\">\r\n<h3>Watch It<\/h3>\r\nWatch this video to see a real-world application of price elasticity.\r\n\r\n<iframe src=\"https:\/\/www.youtube.com\/embed\/XOC_nIQ5its?rel=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe>\r\n\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/2d5f0a03-1d75-4cb4-b5db-7bef86aec50f\r\n\r\nhttps:\/\/assess.lumenlearning.com\/practice\/e154c0e4-f6f3-4c29-83c5-ee7e4b53f3e7\r\n\r\nhttps:\/\/assess.lumenlearning.com\/practice\/1ffbe868-1933-444d-919c-c6e6d405142c\r\n\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nThese questions allow you to get as much practice as you need, as you can click the link at the top of the first question (\u201cTry another version of these questions\u201d) to get a new set of questions. Practice until you feel comfortable doing the questions.\r\n\r\n[ohm_question height=\"1000\"]276340[\/ohm_question]\r\n\r\n<\/div>\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n<dl>\r\n \t<dt>elastic supply:<\/dt>\r\n \t<dd>supply responds more than proportionately to a change in price; i.e. the percent change in quantity supplied is greater than percent change in price<\/dd>\r\n<\/dl>\r\n<dl>\r\n \t<dt>inelastic supply:<\/dt>\r\n \t<dd>supply responds less than proportionately to a change in price; i.e. the percent change in quantity supplied is less than percent change in price<\/dd>\r\n<\/dl>\r\n<dl>\r\n \t<dt>mid-point elasticity approach:<\/dt>\r\n \t<dd>the more accurate way to compute the price elasticity of supply; the formula divides the change in quantity supplied and price by their average values (Qs2 - Qs1)\/[(Qs2+Qs1)\/2] and (P2 - P1)\/[(P2+P1)\/2]. Thus, the formula for the mid-point elasticity approach is (Qs2 - Qs1)\/[(Qs2+Qs1)\/2] \/ (P2 - P1)\/[(P2+P1)\/2].<\/dd>\r\n<\/dl>\r\n<dl>\r\n \t<dt>point elasticity approach:<\/dt>\r\n \t<dd>a less-common way to compute the price elasticity of supply that computes the percentage change in quantity supplied by dividing the change in quantity supplied by the initial quantity, and the percentage change in price by dividing the change in price by the initial price. Thus, the formula for the point elasticity approach is [(Qs2 - Qs1)\/Qs1] \/ [(P2 - P1)\/P1].<\/dd>\r\n<\/dl>\r\n<dl>\r\n \t<dt>price elasticity of supply:<\/dt>\r\n \t<dd>percentage change in the quantity\u00a0supplied\u00a0divided by the percentage change in price<\/dd>\r\n<\/dl>\r\n<dl>\r\n \t<dt>unitary elastic supply:<\/dt>\r\n \t<dd>supply responds exactly proportionately to a change in price; i.e. the percent change in quantity supplied is equal to the percent change in price<\/dd>\r\n<\/dl>\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Calculate the price elasticity of supply<\/li>\n<\/ul>\n<\/div>\n<h2><span class=\"cnx-gentext-section cnx-gentext-t\">Calculating the Price Elasticity of Supply<\/span><\/h2>\n<p>The price elasticity of supply measures how much quantity supplied changes in response to a change in the price. The calculations and interpretations are analogous to those we explained above for the price elasticity of demand. The only difference is we are looking at how producers respond to a change in the price instead of how consumers respond.<\/p>\n<p><strong>Price elasticity of supply<\/strong> is the percentage change in the quantity of a good or service supplied divided by the percentage change in the price. Since this elasticity is measured along the supply curve, the law of supply holds, and thus price elasticities of supply are always positive numbers.<\/p>\n<p>Recall that there are two ways to calculate elasticities: the <strong>point elasticity approach<\/strong> and the <strong>mid-point elasticity approach<\/strong>. The point approach computes the percentage change in quantity supplied by dividing the change in quantity supplied by the initial quantity, and the percentage change in price by dividing the change in price by the initial price. Thus, the formula for the point elasticity approach is [(Qs2 &#8211; Qs1)\/Qs1] \/ [(P2 &#8211; P1)\/P1].\u00a0The more accurate mid-point formula divides the change in quantity supplied and price by their average values (Qs2 &#8211; Qs1)\/[(Qs2+Qs1)\/2] and (P2 &#8211; P1)\/[(P2+P1)\/2]. Thus, the formula for the mid-point elasticity approach is (Qs2 &#8211; Qs1)\/[(Qs2+Qs1)\/2] \/ (P2 &#8211; P1)\/[(P2+P1)\/2].<\/p>\n<p>We describe supply elasticities as <strong>elastic<\/strong>, <strong>unitary elastic<\/strong> and <strong>inelastic<\/strong>, depending on whether the measured elasticity is greater than, equal to, or less than one.<\/p>\n<div class=\"textbox exercises\">\n<h3>Exercise: Elasticity of Supply from\u00a0Point A to Point B<\/h3>\n<p>Assume that an apartment rents for $650 per month and at that price 10,000 units are offered for rent, as shown in\u00a0Figure 2, below. When the price increases to $700 per month, 13,000 units are offered for rent. By what percentage does apartment supply increase? What is the price sensitivity?<\/p>\n<div style=\"width: 510px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2042\/2018\/05\/29200038\/CNX_Econ_C05_0231.jpg\" alt=\"The graph shows an upward sloping line that represents the supply of apartments at different prices per month. The x axis indicates the quantity of apartment rentals. The y axis indicates the price in dollars per month. Two points are indicated. Point A shows that there are 10,000 apartments available at $600 per month. Point B shows that there are 13,000 apartments available at $700 per month.\" width=\"500\" height=\"405\" \/><\/p>\n<p class=\"wp-caption-text\"><strong>Figure 2. Price Elasticity of Supply. <\/strong>The price elasticity of supply is calculated as the percentage change in quantity divided by the percentage change in price.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><strong>Step 1.<\/strong> We know that<\/p>\n<p style=\"text-align: center;\">[latex]\\displaystyle\\text{Price Elasticity of Supply}=\\frac{\\text{percent change in quantity}}{\\text{percent change in price}}[\/latex]<\/p>\n<p><strong>Step 2.<\/strong> From the midpoint method we know that<\/p>\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in quantity}=\\frac{Q_2-Q_1}{(Q_2+Q_1)\\div{2}}\\times{100}[\/latex]<\/p>\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in price}=\\frac{P_2-P_1}{(P_2+P_1)\\div{2}}\\times{100}[\/latex]<\/p>\n<p><strong>Step 3.<\/strong>\u00a0We can use the values provided in the figure in each equation:<\/p>\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in quantity}=\\frac{13,000-10,000}{(13,000+10,000)\\div{2}}\\times{100}=\\frac{3,000}{11,500}\\times{100}=26.1[\/latex]<\/p>\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{percent change in price}=\\frac{700-650}{(700+650)\\div{2}}\\times{100}=\\frac{50}{675}\\times{100}=7.4[\/latex]<\/p>\n<p><strong>Step 4.<\/strong> Then, those values can be used to determine the price elasticity of supply:<\/p>\n<p style=\"padding-left: 30px; text-align: center;\">[latex]\\displaystyle\\text{Price Elasticity of Supply}=\\frac{26.1\\text{ percent}}{7.4\\text{ percent}}=3.53[\/latex]<\/p>\n<p>Again, as with the elasticity of demand, the elasticity of supply is not followed by any units. Elasticity is a ratio of one percentage change to another percentage change\u2014nothing more\u2014and is read as an absolute value. In this case, a 1% rise in price causes an increase in quantity supplied of 3.5%. Since 3.5 is\u00a0greater than 1, this means that the percentage change in quantity supplied will be greater than a 1%\u00a0price change. If you&#8217;re starting to wonder if the concept of slope fits into this calculation, read on for clarification.<\/p>\n<\/div>\n<div class=\"textbox examples\">\n<h3>Watch It<\/h3>\n<p>Watch this video to see a real-world application of price elasticity.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/XOC_nIQ5its?rel=0\" width=\"800\" height=\"470\" frameborder=\"0\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"assessment_practice_2d5f0a03-1d75-4cb4-b5db-7bef86aec50f\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/2d5f0a03-1d75-4cb4-b5db-7bef86aec50f?iframe_resize_id=assessment_practice_id_2d5f0a03-1d75-4cb4-b5db-7bef86aec50f\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<p>\t<iframe id=\"assessment_practice_e154c0e4-f6f3-4c29-83c5-ee7e4b53f3e7\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/e154c0e4-f6f3-4c29-83c5-ee7e4b53f3e7?iframe_resize_id=assessment_practice_id_e154c0e4-f6f3-4c29-83c5-ee7e4b53f3e7\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<p>\t<iframe id=\"assessment_practice_1ffbe868-1933-444d-919c-c6e6d405142c\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/1ffbe868-1933-444d-919c-c6e6d405142c?iframe_resize_id=assessment_practice_id_1ffbe868-1933-444d-919c-c6e6d405142c\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>These questions allow you to get as much practice as you need, as you can click the link at the top of the first question (\u201cTry another version of these questions\u201d) to get a new set of questions. Practice until you feel comfortable doing the questions.<\/p>\n<p><iframe loading=\"lazy\" id=\"ohm276340\" class=\"resizable\" src=\"https:\/\/ohm.lumenlearning.com\/multiembedq.php?id=276340&theme=oea&iframe_resize_id=ohm276340&show_question_numbers\" width=\"100%\" height=\"1000\"><\/iframe><\/p>\n<\/div>\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<dl>\n<dt>elastic supply:<\/dt>\n<dd>supply responds more than proportionately to a change in price; i.e. the percent change in quantity supplied is greater than percent change in price<\/dd>\n<\/dl>\n<dl>\n<dt>inelastic supply:<\/dt>\n<dd>supply responds less than proportionately to a change in price; i.e. the percent change in quantity supplied is less than percent change in price<\/dd>\n<\/dl>\n<dl>\n<dt>mid-point elasticity approach:<\/dt>\n<dd>the more accurate way to compute the price elasticity of supply; the formula divides the change in quantity supplied and price by their average values (Qs2 &#8211; Qs1)\/[(Qs2+Qs1)\/2] and (P2 &#8211; P1)\/[(P2+P1)\/2]. Thus, the formula for the mid-point elasticity approach is (Qs2 &#8211; Qs1)\/[(Qs2+Qs1)\/2] \/ (P2 &#8211; P1)\/[(P2+P1)\/2].<\/dd>\n<\/dl>\n<dl>\n<dt>point elasticity approach:<\/dt>\n<dd>a less-common way to compute the price elasticity of supply that computes the percentage change in quantity supplied by dividing the change in quantity supplied by the initial quantity, and the percentage change in price by dividing the change in price by the initial price. Thus, the formula for the point elasticity approach is [(Qs2 &#8211; Qs1)\/Qs1] \/ [(P2 &#8211; P1)\/P1].<\/dd>\n<\/dl>\n<dl>\n<dt>price elasticity of supply:<\/dt>\n<dd>percentage change in the quantity\u00a0supplied\u00a0divided by the percentage change in price<\/dd>\n<\/dl>\n<dl>\n<dt>unitary elastic supply:<\/dt>\n<dd>supply responds exactly proportionately to a change in price; i.e. the percent change in quantity supplied is equal to the percent change in price<\/dd>\n<\/dl>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-8814\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Price Elasticity of Demand and Price Elasticity of Supply. <strong>Authored by<\/strong>: OpenStax College. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/cnx.org\/contents\/QGHIMgmO@11.12:l70V1Fk_@16\/Price-Elasticity-of-Demand-and\">https:\/\/cnx.org\/contents\/QGHIMgmO@11.12:l70V1Fk_@16\/Price-Elasticity-of-Demand-and<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/contents\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@11.11<\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">All rights reserved content<\/div><ul class=\"citation-list\"><li>Elasticity and Slave Redemption. <strong>Provided by<\/strong>: Marginal Revolution University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=XOC_nIQ5its&#038;index=16&#038;list=PL-uRhZ_p-BM4XnKSe3BJa23-XKJs_k4KY\">https:\/\/www.youtube.com\/watch?v=XOC_nIQ5its&#038;index=16&#038;list=PL-uRhZ_p-BM4XnKSe3BJa23-XKJs_k4KY<\/a>. <strong>License<\/strong>: <em>Other<\/em>. <strong>License Terms<\/strong>: Standard YouTube License<\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":29,"menu_order":10,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Price Elasticity of Demand and Price Elasticity of Supply\",\"author\":\"OpenStax College\",\"organization\":\"\",\"url\":\"https:\/\/cnx.org\/contents\/QGHIMgmO@11.12:l70V1Fk_@16\/Price-Elasticity-of-Demand-and\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/contents\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@11.11\"},{\"type\":\"copyrighted_video\",\"description\":\"Elasticity and Slave Redemption\",\"author\":\"\",\"organization\":\"Marginal Revolution 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License\"}]","CANDELA_OUTCOMES_GUID":"11157938-610c-455e-b1e1-880b14f44f14,8151f0dc-004b-4843-b81f-9883acbc707d","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-8814","chapter","type-chapter","status-publish","hentry"],"part":8792,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/users\/29"}],"version-history":[{"count":11,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8814\/revisions"}],"predecessor-version":[{"id":10136,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8814\/revisions\/10136"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/parts\/8792"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapters\/8814\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/media?parent=8814"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/pressbooks\/v2\/chapter-type?post=8814"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/contributor?post=8814"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/wm-microeconomics\/wp-json\/wp\/v2\/license?post=8814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}