Question

1) Define Price elasticity of supply.
[2]
2) Explain why the price elasticity of supply for cashew nut is inelastic [4]​

Answer 1

Answer:

Price elasticity of supply is the topic of 11 commerce.

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Answer 2

Answer:

1) The price elasticity of supply is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.

2) Usually if the price increases, the firm would like to supply more. The good becomes more profitable. Therefore supply is price inelastic.

Explanation:

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