Question

3) Which is a use of price elasticity of supply?

A) to calculate changes in the general price level

B) to calculate consumer spending based on their disposable income

C) to estimate the changes in a firm's costs of production

D) to identify changes in the spending patterns of consumers

4) Which is likely to have the highest value for price elasticity of supply (PES)?

A) haircuts at a local hair salon

B) organic oranges

C) original Picasso paintings

D) season tickets at Real Madrid Football Club

Answer 1

Answer:

to identify changes in the spending patterns of consumers

original Picasso paintings

Answer 2

Answer:

3. option D is the answer here

4. option C is the answer here