12.)
Due to 10% rise in the price of a commodity, its quantity
supplied rises from 400 units to 450 units. Calculate its
price elasticity of supply. Is its supply elastic ?
Answers
Answered by
1
Answer:
1.25 , yes , GQ
Explanation:
% change in quantity supplied
= (450-400)/400 = 12.5%
% change in price = 10%
price elasticity of supply = 12.5%/10%
= 1.25
1.25 > 1 , yes ,the supply is elastic .
Answered by
4
Answer:
send picture of the question
Explanation:
very confusing
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