Question

After knowing various degrees of price elasticity of supply you understood the methods of
calculating price elasticity of supply. Discuss the two methods that are used for calculating price
elasticity of supply?

Answer 1

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♡Answer♡:-

KEY POINTS:~

• The price elasticity of supply = % change in quantity supplied / % change in price.
• The price elasticity of supply = % change in quantity supplied / % change in price.When calculating the price elasticity of supply, economists determine whether the quantity supplied of a good is elastic or inelastic.
• The price elasticity of supply = % change in quantity supplied / % change in price.When calculating the price elasticity of supply, economists determine whether the quantity supplied of a good is elastic or inelastic.PES > 1: Supply is elastic. PES < 1: Supply is inelastic

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