The data illustrate how the quantities of a product supplied to a market change in the short run and the long run when its price rises from $20 to $25 per unit. What are the short-run and long-run price elasticities of supply for the product?
- Ashort-term 0.4 long-term 1.6
- Bshort-term 2 long-term 8
- Cshort-term 2.5 long-term 0.625
- Dshort-term 8 long-term 32